Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

Post the closing entry and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)

  

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Required information (The following information applies to the questions displayed below) International celebrity Jay and Goku began operations of their machine shop (J & G Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $4 Accounts Receivable Supplies Land Equipment 62 Accumulated depreciation S7 Software 18 Accumulated amortization Accounts payable Notes payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock 72 Retained carnings Service revenue Salaries and wages expense Depreciation expense Amortization expense Income tax expense Interest expense Supplies expense Totals $99 $99 Required information (The following information applies to the questions displayed below) International celebrity Jay and Goku began operations of their machine shop (J & G Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $4 Accounts Receivable Supplies Land Equipment 62 Accumulated depreciation S7 Software 18 Accumulated amortization Accounts payable Notes payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock 72 Retained carnings Service revenue Salaries and wages expense Depreciation expense Amortization expense Income tax expense Interest expense Supplies expense Totals $99 $99

Answer rating: 100% (QA)

Answer Closing JEs No Account Debit Credit 1 ... View the full answer