Tony has decided to end the Precision Computer Centres first year as of July 31, 2019. Below

Question:

Tony has decided to end the Precision Computer Centre’s first year as of July 31, 2019. Below is an updated chart of accounts. 

Assets Revenue 1000 Cash 4000 Service Revenue 1020 Accounts Receivable 1025 Prepaid Rent 1030 Supplies 1080 Computer Shop Equipment 1081 Accumulated Depreciation, Computer Shop Equipment 1090 Office Equipment 1091 Accumulated Depreciation, Office Equipment Expenses 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060


Assignment 

(Use the Excel templates in MyAccountingLab to complete this question. The adjusting entries have been posted and are reflected in the ledger account balances in the Excel templates.) 

1. Journalize the closing entries. 

2. Post the closing entries to the ledger. 

3. Prepare a post-closing trial balance.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 978-0134166698

13th Canadian edition

Authors: Jeffrey Slater, Debra Good

Question Posted: