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Prepare a Post-Closing Trial Balance Cash – 1,270,676 Accounts Receivable – 190,300 Prepaid Insurance – 17,400...

Prepare a Post-Closing Trial Balance

Cash – 1,270,676

Accounts Receivable – 190,300

Prepaid Insurance – 17,400

Land – 75,000

Short-term Investments – 167,000

Fair value adjustment (Trading) – (8,000)

Allowance for doubtful accounts – 25,000

LT (Debt) investments (HTM) – 177,824

Bonds Payable – 1,600,000

Premium on Bonds Payable – 118,630

Building – 150,000

Accumulated depreciation: building – 5,400

Equipment – 50,000

Accumulated depreciation: equipment – 29,359

Patent – 37,500

Accounts Payable – 65,340

Notes Payable – 236,175

Income Taxes Payable – 63,800

Unearned Rent Revenue – 24,000

Common Stock – 101,000

Dividends – 41,000

PIC in Excess of Par – Common Stock – 33,000

Additional paid in Capital – Treasury Stock – 21,000

Wages Payable – 12,750

Investment in Bonds of Intuit Corp – 200,000

Investment in Bonds of Intuit Corp – Discount Bonds – 18,615

Interest Receivable – 16,000

Lease Equipment – 43,796

Lease Liability – 33,293

Pension-related asset – 10,000

Accumulated other comprehensive income – 15,000

Employee Stock Option Outstanding Account – 10,000

Income Summary – 26,133

Expert Solution

Following Three Balance Combined into Retained earnings
Additional paid in Capital – Treasury Stock
Income Summary
Dividends

Post-Closing Trial Balance
Account title	Debit	Credit
Cash	1,270,676
Accounts Receivable	190,300
Prepaid Insurance	17,400
Land	75,000
Short-term Investments	167,000
Fair value adjustment (Trading)		8,000
Allowance for doubtful accounts		25,000
LT (Debt) investments (HTM)	177,824
Bonds Payable		1,600,000
Premium on Bonds Payable		118,630
Building	150,000
Accumulated depreciation: building		5,400
Equipment	50,000
Accumulated depreciation: equipment		29,359
Patent	37,500
Accounts Payable		65,340
Notes Payable		236,175
Income Taxes Payable		63,800
Unearned Rent Revenue		24,000
Common Stock		101,000
Retained earnings		6,133
PIC in Excess of Par – Common Stock		33,000
Wages Payable		12,750
Investment in Bonds of Intuit Corp	200,000
Investment in Bonds of Intuit Corp – Discount Bonds		18,615
Interest Receivable	16,000
Lease Equipment	43,796
Lease Liability		33,293
Pension-related asset	10,000
Accumulated other comprehensive income		15,000
Employee Stock Option Outstanding Account		10,000
Total	2,405,496	2,405,495
Difference in debit side and credit side (check below proof)		1

Please note that Difference 1 is Arise due Error in question.
Proof of How to error $ 1 arises?
Account title	Debit	Credit
Cash	1,270,676
Accounts Receivable	190,300
Prepaid Insurance	17,400
Land	75,000
Short-term Investments	167,000
Fair value adjustment (Trading)		8,000
Allowance for doubtful accounts		25,000
LT (Debt) investments (HTM)	177,824
Bonds Payable		1,600,000
Premium on Bonds Payable		118,630
Building	150,000
Accumulated depreciation: building		5,400
Equipment	50,000
Accumulated depreciation: equipment		29,359
Patent	37,500
Accounts Payable		65,340
Notes Payable		236,175
Income Taxes Payable		63,800
Unearned Rent Revenue		24,000
Common Stock		101,000
Dividends	41,000
PIC in Excess of Par – Common Stock		33,000
Additional paid in Capital – Treasury Stock		21,000
Wages Payable		12,750
Investment in Bonds of Intuit Corp	200,000
Investment in Bonds of Intuit Corp – Discount Bonds		18,615
Interest Receivable	16,000
Lease Equipment	43,796
Lease Liability		33,293
Pension-related asset	10,000
Accumulated other comprehensive income		15,000
Employee Stock Option Outstanding Account		10,000
Income Summary		26,133
Total	2,446,496	2,446,495
Difference in debit side and credit side (2446496-2446495)		1

ekkarill92 answered 1 year ago

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