The adjusted trial balance for Blossom Company, owned by D. Blossom, are as follows: BLOSSOM COMPANY Adjusted
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The adjusted trial balance for Blossom Company, owned by D. Blossom, are as follows:
BLOSSOM COMPANY | ||||||
Adjusted Trial Balance | ||||||
Account No. | Account Titles | Dr. | Cr. | |||
101 | Cash | $4,000 | ||||
112 | Accounts receivable | 9,500 | ||||
126 | Supplies | 200 | ||||
130 | Prepaid insurance | 700 | ||||
157 | Equipment | 25,700 | ||||
158 | Accumulated depreciation—equipment | $4,300 | ||||
200 | Notes payable | 13,700 | ||||
201 | Accounts payable | 4,800 | ||||
212 | Salaries payable | 1,100 | ||||
230 | Interest payable | 470 | ||||
301 | D. Blossom, capital | 5,200 | ||||
306 | D. Blossom, drawings | 5,700 | ||||
400 | Service revenue | 59,700 | ||||
610 | Advertising expense | 7,100 | ||||
631 | Supplies expense | 2,700 | ||||
711 | Depreciation expense | 4,300 | ||||
722 | Insurance expense | 2,200 | ||||
726 | Salaries expense | 26,700 | ||||
905 | Interest expense | 470 | ||||
Totals | $89,270 | $89,270 |
Use T accounts to post the closing entries and calculate the balance in each account. Income Summary is account No. 350. (Ignore the accounts not affected by the closing entries.) (Post entries in the order of journal entries presented in the previous part. For balances ending in 0 select bal for the date and 0 for the amount for the normal balance of the account.)
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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