The September 30, 2016, adjusted trial balance of Java Hut, Inc., is shown next.

Requirements

1. Prepare the September closing entries for Java Hut, Inc.

2. Calculate the ending balance in Retained Earnings.

3. Prepare a post-closing trial balance?

Transcribed Image Text:

Java Hut, Inc. Adjusted Trial Balance September 30, 2016 ACCOUNT DEBIT CREDIT $ 6,100 Cash Accounts Receivable 450 Prepaid Rent Supplies Equipment 3,800 500 42,000 $ 3,600 Accumulated Depreciation, Equipment Accounts Payable Unearned Service Revenue 300 250 Salaries Payable Notes Payable Common Stock 475 3,000 3,550 Retained Earnings 20,050 Dividends 2,500 Service Revenue 57,000 Interest Revenue 200 Salaries Expense Rent Expense 24,500 5,100 Depreciation Expense, Equipment Utilities Expense Supplies Expense Total 2,300 625 550 $88.425 $88,425