The March 31, 2023, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.

1$5,000 of the long-term note payable is due during the year ended March 31, 2024. 2$2,000 of the notes receivable will be collected by March 31, 2024.

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:

Accounts payable Accounts receivable Accumulated depreciation, equipment Accumulated depreciation, truck Cash Depreciation expense Equipment Franchise Gas and oil expense Intangible asset Interest expense Interest payable Land not currently used in business operations Long-term notes payable¹ Notes payable, due February 1, 2024 Notes receivable² Prepaid rent Rent expense Repair revenue Repair supplies Repair supplies expense Truck Unearned repair revenue Vic Sopik, capital Vic Sopik, withdrawals Totals Debit $ 48,000 14,400 3,800 19,000 21,000 7,500 7,000 450 148,000 6,000 14,000 51,000 13,100 29,000 26,000 49,000 $457,250 Credit $ 31,000 9,000 21,000 750 35,000 7,000 266,000 12,600 74,900 $457,250