Question

Instructions state: Prepare a post closing trail balance for the firm on December 31, 2019.

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 18,000 59,200 280 185,600 7,080 3,000 50,400 17,200 8,100 1,330 470 274,590 73,400 179,400 185,600 770,000 13,800 486, 300 4,800 7,900 4,700 33,200 6,190 122,540 11.200 6,000 1,500 7,500 1.060 $1,270,170 $1,270,170 Prepare a postclosing trial balance for the firm on December 31, 2019. VAN ZANT JANITORIAL SUPPLY Post-closing Trial Balance

Answer 1

Items	Debit	Credit
Cash	18000
Accounts receivable	59200
Allowance for doubtful accounts		280
Inventory	185600
supplies	7080
prepaid insurance	3000
equipment	50400
acc dep-equipment		17200
Accounts payable		8100
social security tax payable		1330
medicare tax payable		470
steven van zant capital		295900
steven van zant drawing
income summary
sales
sales returns and allowances
purchases
freight in
purchases returns
purchase discounts
rent expense
telephone expense
salaries expense
payroll taxes expense
supplies expense
insurance expense
depreciation expense-equipment
uncollectible accounts expense
totals	323280	323280

Explanation:

Inomce statement
sales	770000
Less:returns	13800
Net sales		756200
Less:
Purchases	486300
less:discounts	7900
less:returns	4700
net purchases		473700
freight in		4800
rent expense		33200
telephone expense		6190
salaries expense		122540
payroll taxes expense		11200
supplies expense		6000
insurance expense		1500
depreciation expense-equipment		7500
uncollectible accounts expense		1060
total expenses		667690
net income		88510
Statement of owners equity
Opening balance	274590
Add:income summary T/f	94710
	369300
less:drawings	73400
closing balance	295900

Income summary ledger account
Tr to capital account	94710	Opening balance	185600
		Net income	88510
closing balance	179400
total	274110	total	274110