Question

Exercise 13.8 Preparing a postclosing trial balance. LO 13-6

The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year.
Exercise 13.8 Preparing a postclosing trial balance. LO 13-6 The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and Allowances Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Uncollectible Accounts Expense Totals Debit Credit $ 19,600 60,800 220 187,200 7,240 3,160 52,000 18,800 9,700 1,490 410 281,640 75,000 181,000 187,200 778,000 15,400 487,900 6,400 9,500 6,300 34,800 6,340 124, 140 12,700 7,600 1,660 9,100 1,220 $1,293,260 $1,293,260 Prepare a postclosing trial balance for the firm on December 31, 2019.

Answer 1

VAN ZANT JANITORIAL SUPPLY Post-Closing Trail Balance December 31,2019 Debit Account Name Credit Cash Accounts receivables Allowence for Doubtful accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts Payable Social Security Tax payable Medicare Tax Payable Steven Van Zant, Capital 19,600 60,800 220 187,200 7,240 3,160 52,000 18,800 9,700 $ 1,490 410 299,380 S 330,000 S Total 330,000 Working Notes VAN ZANT JANITORIAL SUPPLY Income Statement For the year ended December 31,2019

Revenue $ 778,000 Sales Less: Sales returns and allowences 15,400 Total revenue Expenses Purchases Less: Purchase returns and allowences 762,600 S 487,900 (9,500) (6,300) S 472,100 $ Purchase Discounts Add: fright In 6,400 478,500 Rent Expenses Telephone Expenses Salaries Expenses Payroll Taxes Expenses |Supplies Expenses Insurance Expenses Depreciation expenses- equipment Uncollectable Accounts Expenses Total expenses Net Income $ 34,800 6,340 124,140 12,700 7,600 1,660 9,100 1,220 676,060 86,540

statement of Oweners Capital VAN ZANT JANITORIAL SUPPLY statement of Owners capital For the year ended December 31,2019 Steven van zant capital beginning balance Add: Income Summery ($187,200-$181,000) Net Income 281,640 6,200 86,540 374,380 Less: Steven van zant Drawings Steven van zant capital Ending balance 75,000 299,380