Salinas Trailer Rental rents small trailers by the day for local moving jobs. Its adjusted trial balance
Question:
Required
1. From the information given, record closing entries.
2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accountingperiod?
Transcribed Image Text:
Salinas Trailer Rental Adjusted Trial Balance June 30, 2014 1,384 1,944 238 720 24,000 Cash Accounts Receivable Supplies Prepaid Insurance Trailers Accumulated Depreciation- Trailers Accounts Payable Wages Payable D. Anatole, Capital D. Anatole, Withdrawals Trailer Rentals Revenue Wages Expense Insurance Expense Supplies Expense Depreciation Expense Trailers Other Expenses 14,400 542 400 11,388 14,400 91,092 46,800 1,440 532 4,800 21,564 117,822 117,822
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1 2014 June 30 Trailer Rentals Revenue 91092 Income Summary 91092 To close the revenue account 30 In...View the full answer
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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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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