6. Prepare a post-closing trial balance.
Q: V. Prepare the Trial Balance
A: Trial balance means the statement prepared from ledger account where all debit and credit balance…
Q: 2. Prepare the following: a) Journal Entry b) T-account c) Trial Balance d) Balance Sheet
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (
A: Given:
Q: Explain how to prepare adjusted trial balance.
A: An adjusted trial balance is an internal document that summarizes all of the current balances…
Q: Posting the journal entry is the preparation of the trial balance. True O False
A: Accounting is a process of identifying, recording, classifying, summarising and then analysing…
Q: Transportation Out in the post closing trial balance is
A: In the Post closing Trial Balance only Permanent Accounts Balance will be Posted which is Generally…
Q: Using the worksheet for Williams pests Control, post to closing entries to a general journal account…
A: Closing Journal Entries The process of closing journal entry to transfer the revenues and expenses…
Q: The term Journalizing is related to which of the following? O a. Reporting O b. Identifying and…
A: The term "Journalizing" is the main process that is involved in recording a business transaction in…
Q: prepare a trial balance asap
A: Trial balance in the shows summary of all general ledger account balances in the business.
Q: e Adjusted Trial Balance
A: Trail Balance- is list of ledger which have used in the accounting process. As in accounts we…
Q: The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial…
A: Post-closing trial balance summarizes the list of permanent account balances.
Q: trial balance
A: The trial balance shows the account list of the general ledger that states the ledger of the…
Q: A post-closing trial balance is prepared to test the equality of the general ledger after all…
A: Post-closing trial balance: Post-closing trial balance is the list of accounts and their balances…
Q: Prepare a post close trial balance
A: Post closing trial balance is the trial balance which is prepared by making the final closing…
Q: Order the following steps in the accounting process that focus on analyzing and recording…
A: Accounting: It can be defined as the process of summarizing and recording all the financial events…
Q: What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized…
A: Trial balance is something which is usually prepared to verify if the debits in the books are equal…
Q: Prepare adjusting trial balance
A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the year end but…
Q: a. Prepare the necessary adjusting entry.
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Identify which of the following accounts would be included in a post-closing trial balance. Accounts…
A: Post-closing trial balance: Post-closing trail balances are showing balance after closing entries…
Q: Give its Post Posting Trial Balance
A: Trial balance means a statement which include all the debit or credit balances of accounts from…
Q: Define Adjusted Trial Balance
A: To verify the accuracy of transactions posted in journals and Ledgers Trial Balance is prepared…
Q: instructions a) prepare the for Good luckKCo. elosing ejournalentries b) prepare a post-closing…
A: Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…
Q: Requirements: • Posting • Trial Balance • Worksheet
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Prepare the following: Post-closing Trial Balance
A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…
Q: Prepare the Closing entries, Post-closing trial balance, and the Reversing entries please.
A: Closing Entries: It is also known as the closing journal entries. It is prepared at the end of the…
Q: Which of the following accounts will usually appear in the post-closing trial balance?
A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…
Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.
A: The transactions for the month of Dec 2021 for K-Dynamite company are given to us. The Company has…
Q: ournalize adjusting entries and prepare a trial balance
A: Trail Balance:- Trail balance helps to check the arithmetic accuracy of books of accounts. Trail…
Q: Rearrange the following steps in the accounting cycle in proper sequence:a. Transactions are…
A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…
Q: can you help me doing adjustment to the trial balance?
A: The Trail Balance as on 31st December 2020 given. Adjustments are given Required Prepare Trail…
Q: Prepared a trial balance
A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…
Q: a. Post the Transactions to T-Account b. Prepare a Trial Balance
A: Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…
Q: Create a post closing trial balance for Gj business
A: A post-closing trial balance is a statement that contains all the items which have a non-zero…
Q: prepare the trial balance
A: Trail Balance is the statement which is prepared with the aim to determine whether the posting…
Q: r preparation of the balance sheet. b. Ensure that the ledger is in balance for the start of the…
A: Post closing trial balances includes only permanent accounts . Permanent accounts are balance sheet…
Q: Requirements: . Journalize every transa Post every general jour Prepare a trial balance
A: Trial Balance is an account prepared to check the accuracy of ledger accounts. All the debit and…
Q: All necessary adjusting entries
A: table showing over and below estimation of incomes and expenses.
Q: Prepare a correct trial balance.
A:
Q: Complete the worksheet by entering adjustments and prepare adjusted trial balance.
A: Trial balance: It is referred to as a balance of balances. A trial balance is a statement prepared…
Q: Prepare a trial balance
A: Businesses maintain books of accounts for the purpose of evaluating profitability and the financial…
Q: prepare the adjusting entries...
A: Adjusting Entry is the entry done at the end of the accounting period to record transactions that…
Q: Adjusting Entries must be immediately be made: a.) After the journal entries have been posted b.)…
A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…
Q: Required : i Rewrite the trial balance, entering the difference if any to a suspense account a…
A: Ryan Hinds have prepared the trial balance for the year ended 31st Dec 2001. The trial balance is…
Q: post-closing trial balance.
A: Post-closing trial balance is a trial balance prepared after closing all temporary accounts.
Q: Review the post closing trial balance and identify the five missing elements in the five empty cells…
A: Trial Balance is a report that contains list of all general ledger accounts of the business…
Q: POST CLOSING TRIAL BALANCE & RECONCILIATIONS
A: Post Closing Trial Balance is the summary of all general ledger account balances of the business as…
Q: Post-Closing Trial Balance
A: Post-closing trial balance is a trial balance in which the temporary accounts are closed and the…
Q: I need help prparing a post closing trial balance.
A: A post-closing trial balance indicates the balance of all permanent accounts (ie balance sheet…
Q: Prepare normal adjusted trial balance.
A:
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- Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 CreditSheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale. Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.
- The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale. Prepare the required journal entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020
- On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the aboveThe balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
- On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800The following is the trial balance of Aroro Enterprise as at 31 August 2019 (48400+100) Particulars Debit (RM) Credit (RM) 48,400 Capital Drawings Trade receivables Ac-tecaNables Trade payables Sales 3,500 9,000 Ac-payable 3500 12,500 40,400 Purchases Sales returns Purchases returns Wages and salaries E Discounts allowed Discounts received Provision for doubtful debts Insurance 31,000 300 250 (5,600 120 enses zmings ability equity 200 300 700 2,400 (950 (350 10,000 3,000 20,000 Inventory as at 1 September 2018 Utilities revenye Rates Premises Fixtures and fittings Motor van Cash in hand 330 Cash at bank 14,800 102,050 TOTAL 102,050 = 3,300-160 - 3900 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took…Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.