Question

Post the closing entry and prepare a post-closing trial balance

nect.mheducation.com New to der RC Your Reward Card Simon Cift Card C... YOK KOR 102 M aded HW Problems E UHR UIT OPPHES IUTE YUESITO Ulapuyeuwe Drs. Glenn Feltham and David Ambrose began operations of the Therapy, on January 1, 2017. The annual reporting period ends follows (the amounts are rounded to thousands of dollars to sim Debit Credit $ 7 انما نما - Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals Ooooooou ooOOOO $26 Transactions during 2018 (summarized in thousands of dollars) a. Borrowed $22 cash on July 1, 2018, signing a six-month note b. Purchased equipment for $25 cash on July 2. 2018 C. Issued additional shares of common stock for $5 on July 3. Durchaeod enthaare On : A 62 rach Prey 14 15

Answer 1

Preparation of post closing trial balance of Northland Physical Therapy At Dec 31,2018. Refer the below images for more detailed solution.

Posting entries to accants : Cash Receivable Bal 7 l 625 d 3 Accounts Bol. 3 T Lastno 5 47 i 10 Bal 25 Bai 2 Supplies Bol 3 е э Eajuipment Bal.q lo7 Bal- 37 Acronolated Depreciation Bal. n 4 Bel 5 Accumolated Amortization. Bal. I Software Bol 5 d 3 Bat- & Accounts payable Bol 5 i tole 7 T Bal 2 Salaries & wages payable Ball 2 Notes payable Bol o. a-22 Balo २२ Bal I Interest Income payable Bal o tax payable Bol o Bol 1

Deferred Revenue Common Stock Bal 15 Bolo Bal 20 Bal 2 Service Revenue Bal o € 55 Belo expense Redcuned earnings Bal 4 CEIS Bala Depreciation expense Bal o n 4 CEI 4 Balol Salaries & wages Expense Bal o Amortization Balo " CEI Bat al Supplies ex pense Bolo (EIT o 3 CEI 33 Bat- o 1 Interest expense Balo tax expense Balo Income Balo p 4 се ч CEI " Bolo Balo Note): CE means closing entry.

Journal entries : a. Cost ale or To Note payable b. Ensuipment Ale or To cash cash ALL Dr To tommon fock 8 Software All or to cash supplies Ate Dr To Accounts payable cast Atc or - Accounts Receivable all or To service Revenue Salaries y wages exponse Alc. or To cash cast Ac Dr TO Accounts Receivable Accounts payable Ale or To cast Cash Ale or To Deferred Revenue

Northland physical Therapy unadjusted trial balance At Dec 31, 2018 (in thousands) credit Debit 25 particulars cash Accoonts Receivable Supplies Exuipment Accomolated Deprecation Software Accounts payable Accomulated Amorta atton Notes payable Salories & wages payable Interest poyable Income taxes pagable Det eared Revenue common Stock Retained earning service Revenue Salaries ly wagy expense Supplies expense. pep- expense Amort expense Interest expense Income tax expense Tocals f 168 $ to 8 1108

Journal entries (adjusting entries) k" Amortisation expense ale or To Accom. Amortization Supplies Expense to supplies ale or (1003) Deprecation expense ale or To Accomo Depreciation Interest expense Ale pr so Interest payable Salaries & wages et ponse Alc Dr To salaries & wagy payable Encome tax expense Atc Dr. To Socome taxes payable Northland physical Therapy Adjusted Trial balance At Dec 31, 2018 (in thousands) Particulars credit Debit 325 cash Accounts Recivable. supplies equipment Accon. Depreciation Software Accom Amortization Alcants payable Notes payable salarig es wages payable Interat payable Income Taxes potable Deferred Devine common stock Retained earnings Skruice Revenue Salartes y wazy expense 33

supplies y expense Deprecation expense Amorkzotion ex pause Interest expense Income tax expense Totals > $ 121 O $33 $ 7 Closing entries & (in thousands) service evenue Alc or $55 To salaries y wages expense To supplies expense TO Dep. expense To Amort expense to interest expense To encome tax expense to retained earnings ху. $5

Northland Physical Therapy post - closing Trial Balance At December 31, 2018 (in thousands) particulars (vedit $25 Cash Accounts Receivable Supphes Equipment Accomulated Depreciation software Accomolated Amortigchon Account payable Notes payable salaries & wages payable. Interest payable Income takes payable Unearned revence Common Stock Retened earnings Service Revenue Salaries & wages expense Supplies expuse Depreciation expense Amortization expense Interest expense Income tax expense Totals osam - Imooo ooooool $ 71