Question

Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $ 108,800 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete and correct. No Date Credit General Journal Debit

Answer 1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

00 с D E A B 1 Answer 2 3 Part 2) 4 Retained earnings 5 = beginning balance +(revenue - expenses) - dividends 6 = 7300 + (55700-18300-11300-8300-6300) - 2300 7 = $ 16500 8 9 Part 3) LO Post Clsong Trial Balance 11 December 31 Year 1 12 Accounts Debit Credit 13 Cash 10300 14 Supplies 30500 15 Prepaid Rent 21500 16 Account Payable 17 Notes Payable 18 Common Stock 19 Retained Earnings 20 21 Totals 62300 22 23 For any other help please comment in the comment box 1300 13000 31500 16500 62300