PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that wouldresult, after all closing journal entries were made and posted:Adjusted Trial BalanceDebitCreditCash$ 22,900Prepaid InsuranceFixed Assets4,00044,000Notes Payable$ 40,000Common Stock25,000Retained Earnings48,350Dividends22,000Sales RevenueAutomobile ExpenseInsurance ExpenseSalaries ExpenseSupplies Expense150,00026,50020,000122,5001,450$263,350$263,350

Post-closing trial balance is prepared after all the adjustment entries and closing entries. Under…

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

PA9. LO 5.2 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that woul result, after all closing journal entries were made and posted: Adjusted Trial Balance Debit Credit Cash $ 22,900 4,000 44,000 Prepaid Insurance Fixed Assets Notes Payable $ 40,000 Common Stock 25,000 48,350 Retained Earnings Dividends 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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