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

The June 30, 2014, adjusted trial balance of KLR, Inc., is shown next.

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

Transcribed Image Text:

KLR, Inc. Adjusted Trial Balance June 30, 2014 ACCOUNT Cash DEBIT $ 6,200 CREDIT Accounts Receivable Prepaid Rent 12,700 2,650 Supplies 420 Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Service Revenue 31,000 $ 4,750 5,900 1,240 Salaries Payable Notes Payable 2,125 10,000 Common Stock 7,500 Retained Earnings 10,525 Dividends 4,000 Service Revenue 41,400 Interest Revenue 650 Salaries Expense 18,100 Rent Expense 6,350 Depreciation Expense, Equipment 1,325 Utilities Expense 960 Supplies Expense 385 Total $84,090 $84,090