Question

The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows, The owner made no additional investments during the year. Accounts Debit 19,300 60, 500 Credit Cash Accounts Receivable- Allowance for Doubt ful Accounts Merchandise Inventory 190 186,900 7,210 3,130 51,700 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 18, 500 9,400 1,460 380 280, 380 74,700 180, 700 186,900 776, 500 15,100 487,600 6,100 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 9,200 6,000 34,500 6,310 123,840 12,400 7,300 1,630 8,800 1,190 $1,288,910 $1, 288,910 Totals Prepare a postclosing trial balance for the firm on December 31, 2019. VAN ZANT JANITORIAL SUPPLY Rosticlosing Trial Balance

Answer 1

Solution:

Post Closing Trial Balance would be:

Accounts	Debit	Credit
Cash	$19,300	$0
Accounts Receivable	$60,500	$0
Allowance for Doubtful Accounts	$0	$190
Merchandise Inventory	$186,900	$0
Supplies	$7,210	$0
Prepaid Insurance	$3,130	$0
Equipment	$51,700	$0
Accumulated Depreciation—Equipment	$0	$18,500
Accounts Payable	$0	$9,400
Social Security Tax Payable	$0	$1,460
Medicare Tax Payable	$0	$380
Steven Van Zant, Capital	$0	$298,810 [See working below]
Steven Van Zant, Drawing	$0	$0
Income Summary	$0	$0
Sales	$0	$0
Sales Returns and Allowances	$0	$0
Purchases	$0	$0
Freight In	$0	$0
Purchases Returns and Allowances	$0	$0
Purchases Discounts	$0	$0
Rent Expense	$0	$0
Telephone Expense	$0	$0
Salaries Expense	$0	$0
Payroll Taxes Expense	$0	$0
Supplies Expense	$0	$0
Insurance Expense	$0	$0
Depreciation Expense—Equipment	$0	$0
Uncollectible Accounts Expense	$0	$0
Totals	$328,740	$328,740

Working Note:

Steven Van Zant, Capital		$280,380
Add: temporary Credit balances
Sales	$776,500
Purchases Returns and Allowances	$9,200
Purchases Discounts	$6,000
Income Summary	$186,900	$978,600
Less: temporary debit balances
Sales Returns and Allowances	$15,100
Purchases	$487,600
Freight In	$6,100
Rent Expense	$34,500
Telephone Expense	$6,310
Salaries Expense	$123,840
Payroll Taxes Expense	$12,400
Supplies Expense	$7,300
Insurance Expense	$1,630
Depreciation Expense—Equipment	$8,800
Uncollectible Accounts Expense	$1,190
Income Summary	$180,700	$885,470
Less: Drawings balance		$74,700
Steven Van Zant, Capital ENDING BALANCE		$298,810