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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- The 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. 1,345,000Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.Rix Company sells home appliances and provides installation and service for its customers. On April 1, 2019, a customer purchased a dishwasher that Rix normally sells for 1,000. In addition, the customer purchased the installation service and a 3-year service contract, with stand-alone selling prices of 200 and 400, respectively. Because the customer purchased all three items as a bundle, Rix charged the customer 1,400. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entries to recognize revenue related to each product in 2019.
- Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 36,400 Accounts receivable 43,600 Supplies 3,300 Inventory 63,600 Notes receivable 23,600 Interest receivable 0 Prepaid rent 2,800 Prepaid insurance 9,600 Office equipment 94,400 Accumulated depreciation 35,400 Accounts payable 34,600 Salaries payable 0 Notes payable 53,600 Interest payable 0 Deferred sales revenue 3,800 Common stock 85,200 Retained earnings 37,500 Dividends 7,600 Sales revenue 164,000 Interest revenue 0 Cost of goods sold 88,000 Salaries expense 20,700 Rent expense 12,800 Depreciation expense 0 Interest expense 0 Supplies…Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 36,400 Accounts receivable 43,600 Supplies 3,300 Inventory 63,600 Notes receivable 23,600 Interest receivable 0 Prepaid rent 2,800 Prepaid insurance 9,600 Office equipment 94,400 Accumulated depreciation 35,400 Accounts payable 34,600 Salaries payable 0 Notes payable 53,600 Interest payable 0 Deferred sales revenue 3,800 Common stock 85,200 Retained earnings 37,500 Dividends 7,600 Sales revenue 164,000 Interest revenue 0 Cost of goods sold 88,000 Salaries expense 20,700 Rent expense 12,800 Depreciation expense 0 Interest expense 0 Supplies…Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,600 Accounts receivable 42,400 Supplies 2,700 Inventory 62,400 Notes receivable 22,400 Interest receivable 0 Prepaid rent 2,200 Prepaid insurance 8,400 Office equipment 89,600 Accumulated depreciation 33,600 Accounts payable 33,400 Salaries payable 0 Notes payable 52,400 Interest payable 0 Deferred sales revenue 3,200 Common stock 76,800 Retained earnings 34,500 Dividends 6,400 Sales revenue 158,000 Interest revenue 0 Cost of goods sold 82,000 Salaries expense 20,100 Rent expense 12,200 Depreciation expense 0 Interest expense 0 Supplies…
- Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 36,400 Accounts receivable 43,400 Supplies 3,200 Inventory 63,400 Notes receivable 23,400 Interest receivable 0 Prepaid rent 2,400 Prepaid insurance 7,700 Office equipment 93,600 Accumulated depreciation 35,100 Accounts payable 34,400 Salaries payable 0 Notes payable 53,400 Interest payable 0 Deferred sales revenue 3,700 Common stock 82,100 Retained earnings 37,000 Dividends 7,400 Sales revenue 163,000 Interest revenue 0 Cost of goods sold 87,000 Salaries expense 20,600 Rent expense…Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark‐up of 50% on cost price. The following pre‐adjustment trialbalance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:Pre‐adjustment Trial Balance of Young Traders as at 30 April 2020Debit (R) Credit (R)Capital (1 May 2019) 1 200 000Vehicles 550 000 Accumulated Depreciation on Vehicles (1 May 2019) 205 000Fixed deposit (ABBA Bank) (12% p.a.) 75 000 Inventory 149 000Debtors Control 123 500Allowance for Credit Losses (1 May 2019) 2 500Creditors Control 50 100Bank 199 400 Sales 1 467 500Cost of Sales 914 000 Sales Returns 70 000Salaries and Wages 640 000Stationery 84 500Carriage on Sales 23 700Credit Losses 13 500 Telephone 82 500 R2 925 100 R2 925 100Additional information and adjustments at year‐end:1. According to a physical stock taking, stationery on hand amounted to R4 500 and tradinginventory on hand…Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark‐up of 50% on cost price. The following pre‐adjustment trialbalance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:Pre‐adjustment Trial Balance of Young Traders as at 30 April 2020Debit (R) Credit (R)Capital (1 May 2019) 1 200 000Vehicles 550 000 Accumulated Depreciation on Vehicles (1 May 2019) 205 000Fixed deposit (ABBA Bank) (12% p.a.) 75 000 Inventory 149 000Debtors Control 123 500Allowance for Credit Losses (1 May 2019) 2 500Creditors Control 50 100Bank 199 400 Sales 1 467 500Cost of Sales 914 000 Sales Returns 70 000Salaries and Wages 640 000Stationery 84 500Carriage on Sales 23 700Credit Losses 13 500 Telephone 82 500 R2 925 100 R2 925 10020 2020© The Independent Institute of Education (Pty) Ltd 2020 Page 10 of 14Additional information and adjustments at year‐end:1. According to a physical…
- On June 11, 2019, Hat Trick Manufacturing sold goods worth $400,000 with terms 2/10, n/30 to Ice House sports. On June 20, 2019, hat trick manufacturing received payment for 1/2 of the amount due from ice house sports. what will be the amount reported in the financial statements for the account receivable due from ice house sports if the fiscal year ends on june 30, 2019 and the gross mwthod is used? And no plagiarism pleaseYoung Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark‐up of 50% on cost price. The following pre‐adjustment trialbalance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020: Pre‐adjustment Trial Balance of Young Traders as at 30 April 2020 Debit (R) Credit (R)Capital (1 May 2019) 1 200 000Vehicles 550 000Accumulated Depreciation on Vehicles (1 May 2019) 205 000Fixed deposit (ABBA Bank) (12% p.a.) 75 000Inventory 149 000Debtors Control 123 500Allowance for Credit Losses (1 May 2019) 2 500Creditors Control 50 100Bank 199 400Sales 1 467 500Cost of Sales 914 000Sales Returns 70 000Salaries and Wages 640 000Stationery 84 500Carriage on Sales 23 700Credit Losses 13 500Telephone 82 500R2 925 100 R2 925 100 20 2020 © The Independent Institute of Education (Pty) Ltd 2020 Page 10 of 14 Additional information and adjustments at year‐end:1. According to a physical stock…Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The following information relates to the obligation of the company as of March 31, 2021: Trade Payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods odered by the company. The balance also includes an advance payment of P20,000 made by a customer to Doll in anticipation of a purchase to be made by the customer in April 2021. Additional information: A. Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021. B. Goods shipped FOB destination on March 21, 2021, from a vendor to the company were…