Prepare closing entries and a post-closing trial balance (Learning Objective 4) 20–25 min.

The April 30, 2014, adjusted trial balance of Steamed Sensation, Inc., is shown next.

Requirements 1. Prepare the April closing entries for Steamed Sensation, Inc.
2. Calculate the ending balance in Retained Earnings.
3. Prepare a post-closing trial balance.AppendixLO1

Transcribed Image Text:

Steamed Sensation, Inc. Adjusted Trial Balance April 30, 2014 ACCOUNT Cash Accounts Receivable Prepaid Rent Supplies Equipment DEBIT $ 4,200 CREDIT 7,000 2,700 250 36,000 Accumulated Depreciation, Equipment Accounts Payable Unearned Service Revenue $ 4,200 4,500 1,400 Salaries Payable Notes Payable 1,300 2,000 Common Stock Retained Earnings 5,000 9,650 Dividends 3,000 Service Revenue 54,000 Interest Revenue 1,100 Salaries Expense 22,700 Rent Expense 5,200 Depreciation Expense, Equipment 1,400 Utilities Expense 450 Supplies Expense 250 Total $83,150 $83,150