Question

12. Prepare a post-closing trial balance. Be sure to list the items in order of their liquidity, starting with Assets, Liabilities and then Owner's Capital. If an amount box does not require an entry, leave it blank. The General's Favorite Fishing Hole Post-Closing Trial Balance April 30, 20-- Account Acct. No. Debit Balance Credit Balance Cash 101 130,650 130,650 X Wages Payable x 523 x 400 X 400 x Food Supplies Expense x 524 x 30,700 X 30,700 X Insurance Expense X 535 х 1,500 X 1,500 х Wages Expense x 511 х 40,500 X 40,500 Х Depreciation Expense- Fishing Boats x 542 х 1,000 X 1,000 Registration Fees x 401 х 171,700 X 171,700 X Utilities Expense X 533 x 2,000 X 2,000 X Bob Night, Drawing x 312 х 6,000 X 6,000 X Total х x

Answer 1

1. Trial Balance -

Credit The General's Favorite Fishing Hole Trial Balance For the month ended April 30, 20-- Accounts Title Debit Cash $ 130,650 Food Supplies $ 8,000 Office Supplies $ 100 Prepaid Insurance $ 7,500 Fishing Boats $ 60,000 Accumulated Depreciation - Fishing Boats Accounts Payable Wages Payable Bob, Night, Capital Bob, Night, Drawing $ 6,000 Registration Fees Rent Expense $ 40,000 Phone Expense $ 1,200 Utilities Expenses $ 2,000 Wages Expense $ 40,500 Postage Expense $ 150 Office Supplies Expenses $ 400 Food Supplies Expenses $ 30,700 Insurance Expenses $ 1,500 Depreciation Expense - Fishing Boats $ 1,000 $ 1,000 $ 66,500 $ $ 90,000 $ 171,700 Total $ 329,700 $329,700

2. Statement of Owner's Equity -

The General's Favorite Fishing Hole Statement of Owner's Equity For the month ended April 30, 20-- Bob Night, Capital, April 1, 20-- $ 90,000 (+) Net Profit $ 54,250 (-) Bob, Night, Drawing $ (6,000) $ 48,250 Bob Night, Capital, April 30, 20-- $ 138,250

3. Balance Sheet -

The General's Favorite Fishing Hole Balance Sheet For the month ended April 30, 20-- Assets Current Assets: Cash $ 130,650 Food Supplies $ 8,000 Office Supplies $ 100 Prepaid Insurance $ 7,500 Total Current Assets $ 146,250 Fishing Boats Accumulated Depreciation - Fishing Boats $ 60,000 $ (1,000) $ 59,000 Total Assets $ 205,250 Liabilities and Owner's Equity Current Liabilities: Accounts Payable Wages Payable $ 66,500 $ 500 Total Liabilities $ 67,000 Owner's Equity: Bob, Night, Capital Total Owner's Equity $ 138,250 $ 138,250 Total Liabilities and Owner's Equity $ 205,250