<p>Refer to the adjusted trial balance of Wilderness Guide Service Inc., illustr
ID: 2386061 • Letter: #
Question
<p>Refer to the adjusted trial balance of Wilderness Guide Service Inc., illustradeted in Excercise 5.3 (3E) to respond to the following items.</p><p>a. Prepare all necessary closing entries at December 31, 2007.</p>
<p>b. Prepare an after closing trial balance dated December 31, 3007.</p>
<p>c. Compare retained earnings balance reported in the after-closing trial balance prepared in part b to the balance reported in the adjusted trial balance.  Explain why the two balances are different.  (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.)</p>
<p> </p>
<p>Wilderness Guide Service</p>
<p>Adjusted Trial Balance</p>
<p>December 31, 2007</p>
<p>Cash                                                                12,200</p>
<p>Accounts Receivable                                          31,000</p>
<p>Camping Supplies                                              7,900</p>
<p>Unexpired insurance Policies                               2,400</p>
<p>Equipment                                                         70,000</p>
<p>Accumlated Depreciation: equipment                                       60,000</p>
<p>Notes payable (due 4/1/09)                                                     18,000</p>
<p>Accounts Payable                                                                       9,500</p>
<p>Capital Stock                                                                          25,000</p>
<p>Retained earnings                                                                   15,000</p>
<p>Dividends                                                           1,000</p>
<p>Guide Revenue earned                                                             102,000</p>
<p>Salary Expenses                                                 87,500</p>
<p>Camping Supply expense                                      1,200</p>
<p>insurance Expense                                             9,600</p>
<p>Depreciation expense: equipment                        5,000</p>
<p>Interest Expense                                                1,700</p>
<p>                                                                         229,500        229,500</p>
Explanation / Answer
plz send qustion again
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.