In: Accounting
The adjusted trial balance at April 30, 2017, for Willard Co. follows. | ||
Account | Debit | Credit |
Cash | $106,300 | |
Accounts receivable | 25,620 | |
Trucks | 560,000 | |
Accumulated depreciation, trucks | $84,000 | |
Franchise | 55,000 | |
Accounts payable | 20,540 | |
Salaries payable | 10,200 | |
Unearned revenue | 35,000 | |
Sid Willard, capital | 250,000 | |
Sid Willard, withdrawals | 75,000 | |
Plumbing revenue | 850,630 | |
Depreciation expense, trucks | 84,000 | |
Salaries expense | 272,450 | |
Rent expense | 60,000 | |
Advertising expense | 12,000 | |
Income summary | ||
Totals | $1,250,370 | $1,250,370 |
Required: | ||
1. Prepare the four closing entries. | ||
2. Prepare a post-closing trial balance. |