Make a Post-Closing Trial Balance Accounts Payable- 88,851 Accounts Receivable-
ID: 2520119 • Letter: M
Question
Make a Post-Closing Trial Balance
Accounts Payable- 88,851
Accounts Receivable- 442,120
Accumulated Depreciation- Building- 1,265
Accumulated Depreciation- Equipment- 9,900
Allowance for Doubtful Accounts- 75,000
Allowance to Reduce Inventory to NRV- 16,000
Bonds Payable- 700,000
Building- 75,000
Cash- 834,544
Common Stock- 135,000
Cost of Goods Sold- 107,000
Equipment- 21,600
Income Taxes Payable- 37,221
Interest Payable- 35,000
Inventory- 70,000
Land- 88,000
Loss on Inventory- 16,000
Paid in Capital- Treasury Stock- 6,000
Patent- 45,000
PIC in Excess of Par- Common Stock- 130,000
Premium on Bonds Payable- 52,045
Prepaid Insurance- 4,500
Purchases- 177,000
Retained Earnings- 313,982
Unearned Rent Revenue- 9,000
Wages Payable- 4,000
Explanation / Answer
Debit Credit Account Payable 88851 Account receivables 442120 Accumulated Depreciation - Building 1265 Accumulated Depreciation - Equipments 9900 Allowance for doubtful accounts 75000 Allowance to reduce inventory 16000 Bonds Payable 700000 Building 75000 Cash 834544 Common Stock 135000 Equipment 21600 Income tax Payable 37221 Interest Payable 35000 Inventory 54000 Land 88000 Paid in capital - Trasury stock 6000 Patent 45000 PIC in excess of Par - Common Stock 130000 Premium on Bond Payable 52045 Prepaid Insurance 4500 Unearned rent revenue 9000 Wages Payable 4000 Suspense 36500 Retained earning 313982 1607264 1607264
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.