1 Silver Tone Partners, Inc. 6 12/31/2016 12/31/2017 12/31/2017 12/31/2017 Post

Question

1 Silver Tone Partners, Inc. 6 12/31/2016 12/31/2017 12/31/2017 12/31/2017 Post Closing Trial Balance Unadjusted Trial BalanceAdjustingsAdjusted Trial BalanceClosing s Closing Entries ebit Post Closing Trial Balance 2,000 46,750 ? 6,250? 7 12000 Accounts Receivable 9 15000 Funiture and Equipment 10 17000-Accumulated Depreciation 2,000 ? 1,000? 12 18700-Prepaid Insurance 9,000 2,000 8,000 15 16 23000- Accrued Expenses 24000_ Note Payable - Current 1,000 2,000? 210,000 22 51000 Cost of Goods Sold 9,000 26 64300 Meals and Entertainment 1,000 ? 256.500 $ 741.250 s 141. 22,000 ?

Explanation / Answer

Silver Tone Partners Inc. Trial Balance Worksheet 12/31/16 12/31/17 12/31/17 12/31/17 Post ClosingTrial Balance Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Closing Entries Post ClosingTrial Balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash- Checking    195,500.00    312,000.00        2,000.00    310,000.00    310,000.00 Accounts Receivable      21,000.00      46,750.00      46,750.00      46,750.00 Inventory      35,000.00        6,250.00        6,250.00        6,250.00 Furniture & Equipment        3,000.00      13,000.00      13,000.00      13,000.00 Accumulated Depreciation            500.00            500.00        2,000.00        2,500.00          2,500.00 Prepaid Rent                     -          3,000.00        1,000.00        4,000.00        4,000.00 Prepaid Insurance        2,000.00      12,000.00        9,000.00        3,000.00        3,000.00 Accounts Payable      42,500.00      38,000.00      38,000.00        38,000.00 Payroll Payable        2,000.00      11,000.00        3,000.00        8,000.00          8,000.00 Accrued Expenses            500.00        2,000.00        2,000.00          2,000.00 Notes Payable - Current                     -        12,000.00      12,000.00        12,000.00 Notes Payable - Long Term                     -        88,000.00      88,000.00        88,000.00 Capital Stock        1,000.00        1,000.00        1,000.00          1,000.00 Dividends Paid        2,000.00        2,000.00        4,000.00        4,000.00                     -   Retained Earnings    210,000.00    210,000.00    210,000.00        4,000.00      25,500.00     231,500.00 Sales    378,750.00    378,750.00    378,750.00 Cost of Goods Sold    153,750.00    153,750.00    153,750.00 Depreciation Expense        2,000.00        2,000.00        2,000.00 Insurance Expense        8,500.00        9,000.00      17,500.00      17,500.00 Interest Expense      10,000.00      10,000.00      10,000.00 Meals & Entertainment            800.00            800.00            800.00 Office Supplies            400.00            400.00            400.00 Payroll Expenses    102,000.00        3,000.00      99,000.00      99,000.00 Professional fees        3,000.00        3,000.00        3,000.00 Rent Expense      43,300.00        1,000.00      42,300.00      42,300.00 Travel Expense      17,000.00      17,000.00      17,000.00 Utilities        7,500.00        7,500.00        7,500.00 Totals    256,500.00    256,500.00    741,250.00    741,250.00      17,000.00      17,000.00    740,250.00    740,250.00    382,750.00    382,750.00    383,000.00     383,000.00

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