The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.

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.

Transcribed Image Text:

Debit Credit $ 31,000 Accounts payable $ 48,000 Accounts receivable. Accumulated depreciation, equipment. Accumulated depreciation, truck. 9,000 21,000 Cash. 14,400 3,800 Depreciation expense. Equipment. 19,000 21,000 Franchise. Gas and oil expense. 7,500 7,000 Intangible asset Interest expense. Interest payable. Land not currently used in business operations 450 750 148,000 Long-term notes payable'. Notes payable, due February 1, 2021 Notes receivable?. 35,000 7,000 6,000 Prepaid rent Rent expense Repair revenue Repair supplies. Repair supplies expense.. Truck. Unearned repair revenue Vic Sopik, capital. Vic Sopik, withdrawals Totals 14,000 51,000 266,000 13,100 29,000 26,000 12,600 74,900 49,000 $457,250 $457,250 '$5,000 of the long-term note payable is due during the year ended March 31, 2021. 2$2,000 of the notes recelvable will be collected by March 31, 2021.