Question

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $117,000 10,200 9,200 3,200 22,000 120,000 42,000 320,000 220,000 11,000 22,000 3,200 $643, 600 $643, 600

Answer 1

Answer

--All temporary accounts (revenues and expenses) will be closed to retained earnings account and their balances will become $ 0.

Post Closing Trial Balance
Dec 31, 2021
Accounts	Debit	Credit
Cash	$10,200
Accounts receivables	$132,000
Prepaid Rent	$4,200
Supplies	$21,000
Equipment	$220,000
Accumulated Depreciation		$117,000
Accounts payable		$10,200
Salaries payable		$9,200
Interest Payable		$3,200
Notes Payable		$22,000
Common Stock		$120,000
Retained earnings ($42000 beg bal + $ 320000 service revenue - $ 220000 - 11000 - 22000 - 3200)		$105,800
[Rest account balance will be $ 0]
TOTALS	$387,400	$387,400