Question

Create a Post-Closing Trial Balance.

Adjusted Trial Balance December 31, 2019 PR Debit 107 110 5 05.00 $11.750.00 140 $ 1.000.00 230 S 1.000.00 $224.00 $2.025.00 $10.098.00 $42.465.00 410 S8632.00 $ 1.200.00 $10,800.00 550 S60 $ 1.200.00 $14,167.00 $1,100.00 Petty Cash Accounts Receivable Supplies on Hand Lerpaid Insurance Computer Equipment Accumulated Depreciation - Computer Equipment Cell Phone Accumulated Depreciation - Cell Phone Vehicles Accumulated Depreciation - Vehicles Accounts Payable Customer Deposits Uneare Revenue SUTA Payable FICA Payable FUTA Payable Federal Income Tax Payable State Income Tax Payable Current Maturities of Long Term Debt Notes Payable long term Interest Payable Salaries Payable Common Stock 52 par value) Additional Paid in Capital on Common Stock Retained Earnings Dividends Engagement fees Monthly Accounting Services Revenue Tax Services Revenues Sales Discounts Hourly Accounting Services Revenue Advertising & Promotion Expense Depreciation Expense Rent Expense Insurance Expense Supplies Expense Meals & Entertainment Taxes and Licenses Telephone Expense Utilities Expense Fuel Expense Interest Expense Payroll Tax Expense Salaries Expense Service Charge Expense Charitable Contributions Expense Contract Labor Expense De Minimus Furniture & Equipment Expense Health Insurance, Employee Health Insurance, Member Janitorial Expense Pest Control Expense Postage & Delivery Expense 8 Professional Fees Expense Repairs & Maintenance Expense 612 614 $72.00 $2,250.00 7259600.00 730 735 745 767 770 775 780 20 825 830 835 840 845 850 $2.000.00 $500.00 $600.00 $20.00 $193.00 $150.00 $770.00 $50.00 $867.00 $1609.00 $15.750.00 $60.00 $300.00 $750.00 $1,750.00 $200.00 $70.00 360 865 870 75 880 DOS $175.00 $220.00 Totals $128.955.00 $128.955.00

Answer 1

Credit Debit 24,485 505 11,750 168 1,000 3,500 233 1,000 75 55,000 3,333 2,260 224 N o co 2,066 112 2,025 675 10,098 42,465 190 8,682 1,200 10,800 12,970 Post-Closing Trial Balance 31-Dec-19 Account PR Cash 105 $ Petty cash 107 $ Accounts Receivable 110 $ Supplies on hand 130 $ Prepaid Insurance 140$ Computer Equipment 220 $ Accumulated Depreciation-Computer Equipment 221 Cell phone 230$ Accumulated Depreciation-Cell phone Vehicles 240 $ Accumulated Depreciation-Vehicles Accounts Payable SUTA Payable FICA Payable FUTA Payable Federal Income tax payable State Income tax payable Current maturities of long-term debts 375 Notes payable(long-term) 410 Interest payable Salaries payable Common stock($ 2 par value) 520 Additional paid-in capital on common stock 521 Retained Earnings Dividends Engagement fees 605 Monthly accounting service revenue 610 Tax service revenue 612 Sales Discount 614 $ Hourly accounting service revenue 620 Advertisement & pramotion expense Depreciation Expense 727 $ Rent Expense 730 $ Insurance Expense 735 $ Supplies Expense 740 $ Meals & entertainment Taxes and Licenses Telephone expense 770 $ Utilities Expense 775 $ Fuel expense 780 $ Interest Expense 820 $ Payroll tax expense 825 $ Salaries Expense 830$ Service Charge expense 835 $ Charitable contributions expense 840 $ Contract Labor expense 845 $ De Minimus furniture & Equipment expense 850 $ Janitorial expense 865 $ Pest control expense 870 $ Professional fee expense 880 $ Repairs & maintenance expense 885 $ TOTAL 97,408 $ 97,408

Working notes: No. Credit Closing Entries: Account titles and explanations 1 Engagement fees Monthly accounting service revenue Tax service revenue Hourly accounting service revenue Income Summary (To close revenue accounts) Debit 6,000 14,167 1,100 23,250 44,517 30,347 72 600 3,641 2,000 500 600 20 193 150 770 2 Income Summary Sales Discount Advertisement & pramotion expense Depreciation Expense Rent Expense Insurance Expense Supplies Expense Meals & entertainment Taxes and Licenses Telephone expense Utilities Expense Fuel expense Interest Expense Payroll tax expense Salaries Expense Service Charge expense Charitable contributions expense Contract Labor expense De Minimus furniture & Equipment expense Janitorial expense Pest control expense Professional fee expense Repairs & maintenance expense (To close expense accounts) 50 867 1,609 15,750 60 300 750 1,750 200 175 220 $ 14,170 3 Income summary Retained Earnings (to close balance of income summary) 14,170 1,200 4 Retained Earnings Dividends (To close dividends) 1,200 So ending balance of retained earnings = $ 14,170 - 1,200 =$=12,970