The adjusted trial balance for Hercules Company is presented below. Instructions a. Prepare the closing entries. b.
Question:
The adjusted trial balance for Hercules Company is presented below.
Instructions
a. Prepare the closing entries.
b. Prepare T accounts for the accounts aff ected by the closing entries. Post the closing entries.
c. Prepare a post-closing trial balance at August 31, 2021.
HERCULES COMPANY Adjusted Trial Balance August 31, 2021 Debit Credit Cash $10,900 Accounts receivable 6,200 Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue 10,600 $ 5,400 2,800 1,200 S. Strong, capital S. Strong, drawings Service revenue 31,700 12,000 42,400 6,100 Rent revenue Depreciation expense Salaries expense Utilities expense 2,700 37,100 10,100 $89,600 $89,600
Step by Step Answer:
a Aug 31 Service Revenue 42400 Rent Revenue 6100 Income Summary 48500 To close revenue accounts ...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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