The March 31, 2014, adjusted trial balance for sopik Refrigeration Repairs is shown below with accounts in

Question:

The March 31, 2014, adjusted trial balance for sopik Refrigeration Repairs is shown below with accounts in alphabetical order.

image text in transcribed
1 $5,000 of the long-term note payable is due during the year ended March 31, 2015.
2 $2,000 of the notes receivable will be collected by March 31, 2015.
Required
Preparation Component:
a. Place an 'X' in the space provided beside each account balance that would not appear on the post-closing trial balance.
b. Calculate the post-closing balance in the owner's capital.
Analysis Component:
Explain why the account balances identified in part (a) would not appear on the 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

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

Question Posted: