POST COMPANY ADJUSTED TRIAL BALANCE Debit Credit Cash 80,000 Accounts Receivable 11,100 Prepaid Insurance 1,500
Equipment 10,000 Accumulated Depreciation 4,000 Supplies 500 Accounts Payable 2,900 Wages Payable 300 Unearned Revenue 1,500 Contributed Capital 80,000 Retained Earnings 0 Sales 17,000 Gas Expense 400 Supply Expense 400 Insurance Expense 200 Depreciation Expense 200 Wage Expense 400 Dividends 1,000 99,700 99,700
Explain the closing entry process and prepare the closingentries in journal form based on the information in question 3.
| POST COMPANY | ||
| ADJUSTED TRIAL BALANCE | ||
| Debit | Credit | |
| Cash | 80,000 | |
| Accounts Receivable | 11,100 | |
| Prepaid Insurance | 1,500 | |
| Equipment | 10,000 | |
| Accumulated Depreciation | 4,000 | |
| Supplies | 500 | |
| Accounts Payable | 2,900 | |
| Wages Payable | 300 | |
| Unearned Revenue | 1,500 | |
| Contributed Capital | 80,000 | |
| Retained Earnings | 0 | |
| Sales | 17,000 | |
| Gas Expense | 400 | |
| Supply Expense | 400 | |
| Insurance Expense | 200 | |
| Depreciation Expense | 200 | |
| Wage Expense | 400 | |
| Dividends | 1,000 | |
| 99,700 | 99,700 | |
Explain the closing entry process and prepare the closingentries in journal form based on the information in question 3.
Related questions
Explain the closing entry process and prepare the closingentries in journal form based on the information
| POSTCOMPANY | ||
| ADJUSTEDTRIAL BALANCE | ||
| Debit | Credit | |
| Cash | 80,000 | |
| Accounts Receivable | 11,100 | |
| Prepaid Insurance | 1,500 | |
| Equipment | 10,000 | |
| Accumulated Depreciation | 4,000 | |
| Supplies | 500 | |
| Accounts Payable | 2,900 | |
| Wages Payable | 300 | |
| Unearned Revenue | 1,500 | |
| Contributed Capital | 80,000 | |
| Retained Earnings | 0 | |
| Sales | 17,000 | |
| Gas Expense | 400 | |
| Supply Expense | 400 | |
| Insurance Expense | 200 | |
| Depreciation Expense | 200 | |
| Wage Expense | 400 | |
| Dividends | 1,000 | |
| 99,700 | 99,700 | |
Following is the adjusted trial balance of Post Company. Basedon this information prepare a Balance Sheet, Income Statement andStatement of Retained Earnings.
| POST COMPANY | ||
| ADJUSTED TRIAL BALANCE | ||
| Debit | Credit | |
| Cash | 80,000 | |
| Accounts Receivable | 11,100 | |
| Prepaid Insurance | 1,500 | |
| Equipment | 10,000 | |
| Accumulated Depreciation | 4,000 | |
| Supplies | 500 | |
| Accounts Payable | 2,900 | |
| Wages Payable | 300 | |
| Unearned Revenue | 1,500 | |
| Contributed Capital | 80,000 | |
| Retained Earnings | 0 | |
| Sales | 17,000 | |
| Gas Expense | 400 | |
| Supply Expense | 400 | |
| Insurance Expense | 200 | |
| Depreciation Expense | 200 | |
| Wage Expense | 400 | |
| Dividends | 1,000 | |
| 99,700 | 99,700 | |
Question 4
Explain the closing entry process and prepare the closingentries in journal form based on the information in question 3.
Dividends | ||
Following is the adjusted trial balance of Post Company. Basedon this information prepare a Balance Sheet, Income Statement andStatement of Retained Earnings.
*Explain the closing entry process and prepare the closingentries in journal form based on the information in question 3.
| POSTCOMPANY | ||
| ADJUSTEDTRIAL BALANCE | ||
| Debit | Credit | |
| Cash | 80,000 | |
| Accounts Receivable | 11,100 | |
| Prepaid Insurance | 1,500 | |
| Equipment | 10,000 | |
| Accumulated Depreciation | 4,000 | |
| Supplies | 500 | |
| Accounts Payable | 2,900 | |
| Wages Payable | 300 | |
| Unearned Revenue | 1,500 | |
| Contributed Capital | 80,000 | |
| Retained Earnings | 0 | |
| Sales | 17,000 | |
| Gas Expense | 400 | |
| Supply Expense | 400 | |
| Insurance Expense | 200 | |
| Depreciation Expense | 200 | |
| Wage Expense | 400 | |
| Dividends | 1,000 | |
| 99,700 | 99,700 | |
