In: Accounting
The adjusted trial balance for Sturge Technology Services Ltd.
at August 31, 2021 is as follows:
Sturge
Technology Services Ltd. Adjusted Trial Balance August 31, 2021 |
|||||
---|---|---|---|---|---|
Debit |
Credit |
||||
Cash | $11,710 | ||||
Accounts receivable | 19,830 | ||||
Supplies | 3,260 | ||||
Prepaid insurance | 3,660 | ||||
Equipment | 24,640 | ||||
Accumulated depreciation—equipment | $5,630 | ||||
Accounts payable | 2,520 | ||||
Salaries payable | 2,310 | ||||
Interest payable | 1,580 | ||||
Rent payable | 1,370 | ||||
Income tax payable | 1,590 | ||||
Deferred revenue | 700 | ||||
Bank loan payable, due 2024 | 25,400 | ||||
Common shares | 4,850 | ||||
Retained earnings | 5,190 | ||||
Dividends declared | 580 | ||||
Service revenue | 53,330 | ||||
Salaries expense | 19,440 | ||||
Rent expense | 12,560 | ||||
Depreciation expense | 2,160 | ||||
Supplies expense | 1,730 | ||||
Interest expense | 1,580 | ||||
Insurance expense | 1,150 | ||||
Income tax expense | 2,170 | ||||
Total |
$104,470 |
$104,470 |
a. Prepare the closing entries at August 31. (List all debit entries before credit entries. Credit account tittles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
b. Prepare a post-closing trial
balance.