Prepare a post-closing trial balance (Learning Objective 4) 10–15 min.

The following post-closing trial balance was prepared for Perfect Portraits, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts have normal balances and the amounts are correct.AppendixLO1

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Perfect Portraits, Inc. Post-Closing Trial Balance May 31, 2014 ACCOUNT DEBIT CREDIT Cash $ 8,100 Accounts Receivable 4,300 Supplies $ 800 Equipment 70,000 Accumulated Depreciation, Equipment 11,500 Accounts Payable 5,600 Salaries Payable 1,700 Unearned Service Revenue 3,200 Common Stock 35,000 Retained Earnings 26,200 Total $58,900 $107,500