Prepare a post closing trial balance

Prepare a post closing trial balance.

Expert Solution

Post-closing trial balance

After passing all the journal entries and the closing entries of the permanent accounts and then further posting them to each of the respective accounts, a post-closing trial balance is prepared, consisting of a list of all the permanent funds. A post-closing trial balance serves as evidence to prove that the balance of the permanent accounts is equal.

Prepare a correct post-closing trial balance.

S Service Company
Post-Closing Trial Balance
On July 31, 2018

Account Title	Balance
	Debit ($)	Credit ($)
Cash	41,100
Accounts Receivable	317,400
Supplies	5,000
Equipment	162,750
Accumulated Depreciation—Building		73,300
Accounts Payable		82,500
Salaries Payable		5,500
Unearned Rent		12,000
Common Stock		65,000
Retained earnings		287,950
Total	$526,250	$526,250

Table (1)

According to the post-closing trial balance, the temporary accounts like revenues, expenses are closed. Then those accounts are transferred to a permanent fund to prepare the post-closing trial balance.

Following are the types of accounts are listed on the post-closing trial balance.

• Asset account (Cash, Accounts Receivable, Office Supplies, and Accumulated Depreciation).
• Liabilities account (Unearned revenue, Accounts Payable, Salaries Payable).
• Stockholders’ Equity account (Common Stock and Retained Earnings).

Answers can be found in the Explanation section.

DogeShow answered 2 years ago

Prepare a post-closing trial balance.

Below is the closing entries for the year ended December 31, 2017 (b2) Prepare a post-closing trial balance. Crane Company Post-Closing Trial Balance Debit Credit Totals

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...

Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 41,100 Accounts Receivable 317,400 Supplies 5,000 Equipment 162,750 Accumulated Depreciation - Equipment 73,300 Accounts Payable 82,500 Salaries Payable 5,500 Unearned Rent 12,000 Common Stock 65,000 Retained Earnings 287,950 879,250 173,250 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...

Prepare a post closing trial balance indicating the balance of revenue, expenses and capital accounts.

Case Background A sole proprietor (the owner) has established a service business specializing in recruitment for businesses needing specialized Tool Industry staff. The trail balance at the end of the first three months of operations is provided below. Part of the service is to train people before they are placed with companies. The owner has asked, you, the accountant for HR, to prepare the answers to the questions below considering the notes provided. Trial Balance Accounts Debits Credits Cash 24,500...

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial...

Which of the following statements about the post-closing trial balance is correct? A) The post-closing trial balance is a report prepared before the adjustments and the financial statements to prove that debits equal credits. B) The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements. C) The post-closing trial balance is an internal report prepared at the end of the accounting cycle. D) The post-closing trial balance proves that all entries have been...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance...

Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns = $51,300 The adjusted trial balance at April 30,2017 for Willard Co. follows Debit Credit 101 Cash 3,600 106 Account receivable 8,500 153 Trucks 26,000 154 Accumulated depreciation, trucks 8,250 193 Franchise 13,200 201 Accounts Payable 9,600 209 Salaries Payable 3,200 233 Unearned Revenue 1,300 301 Sid Willard, capital 29,100 302 Sid Willard, withdrawals. 9,600 401 Plumbing Revenue 42,050 611 Depreciation Expense, Trucks...

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it...

Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124...

What is the purpose of the post-closing trial balance?

Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to...

Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 602 Accounts Receivable 302 Accumulated Depreciation 902 Cash 302 Common Stock 202 Deferred Revenue 202 Depreciation Expense...

The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial...

The post-closing trial balance as of April 30, 20Y8, is shown below: Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit Cash 11 22,100 Accounts Receivable 12 3,400 Supplies 14 1,350 Prepaid Rent 15 3,200 Prepaid Insurance 16 1,500 Office Equipment 18 14,500 Accumulated Depreciation 19 330 Accounts Payable 21 800 Salaries Payable 22 120 Unearned Fees 23 2,500 Common Stock 31 30,000 Retained Earnings 32 12,300 46,050 46,050 Enter the unadjusted trial balance on an end-of-period...

Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1,...

Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1, 2017, Balance Sheet Cash 20,000 Accounts receivable 110,000 Less: Allowance for doubtful accounts (2,000) Inventory (500 units @ $20 each) 10,000 Equipment 9,000 Less: Accumulated depreciation (2,000) ----------------- Total assets 145,000 Accounts payable 20,000 Long-term notes payable (5% interest, due in 2019) 100,000 Capital stock 10,000 Retained earnings 15,000 ------------------- 145,000 Transactions or events: The company collected 98,000 of the accounts receivable in cash....

Question