Print One provides a printing and other services to corporate clients. The following is a simplified list
Question:
Print One provides a printing and other services to corporate clients. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Amounts in the list of accounts are rounded to the nearest thousand dollars. Assume the year ended on November 30, 2022. Accounts payable 221 Accounts Receivable 191 Accrued liabilities 354 Accumulated depreciation 300 Cash 307 Contributed capital 151 Depreciation expenses 340 General and Administrative Expenses 357 Income tax expense 302 Interest revenue 92 Long-term debt 196 Other current assets 71 Other long-lived assets 461 Other operating expenses 197 Prepaid expenses 94 Property and equipment 2142 Retained earnings 1445 Selling expenses 2605 Service revenues 6369 Short term bank loan 476 Store operating expenses 2166 Supplies 546 Deferred revenue 175
1. provide an adjusted trial balance at November 30. 2022. (3 marks) Is the retained earnings balance of $1,445,000 the amount that would be reported on the balance sheet of November 30, 2022? Explain. (1 mark)
2. what would be the closing entry required at November 30, 2022. (3 marks)
3. make a post-closing trial balance at November 30,2022.(3marks)
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby