Using the information in E4-22, prepare the post-closing trial balance for Diane's Dairy Sales & Delivery. Data
Question:
Using the information in E4-22, prepare the post-closing trial balance for Diane's Dairy Sales & Delivery.
Data from E4-22.
Diane's Dairy Sales & Delivery finished its first year of operations on December 31, 2018. After adjusting journal entries, the company presented the following adjusted trial balance.
Diane's Dairy Sales & Delivery Adjusted Trial Bałance At December 31 Account Debit Cred t $ 833,000 Cash Accounts Rece vable 179,000 Suppl es 83,000 Prepaid Insurance 13.000 Prepaid Rent 30,000 Equipment 350,000 $ 30,000 Accumulated Depreciation Equipment Accounts Payab e 150,500 Wages Payable 24,000 Unearned Revenue 12,000 Notes Payable, due 2019 80,000 Common Stock 1,000,000 Retained Earnings Dv dends 12,000 Sales Revenue 1,000,500 Wage Expense 320,000 Utility Expense 32 000 Seli ng Expense 122,500 Admnistrative Expense 192.500 nsurance Expense 14,000 Suppl es Expense 85.000 Deprec at on Expense -Equpment 31,000 Totals $2,297,000 $2,297,000
Step by Step Answer:
To prepare the postclosing trial balance post closing ent...View the full answer
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
Magic Cleaning Services (MCS) has a fiscal year-end of December 31. It is the first year of operations. At of year-end, MCS has the following unadjusted trial balance: Addition, it has not adjusted...
-
Ciara's Cookie Company provided the following account balances from its year-end trial balance. During the year, Ciara issued no -par common stock. The proceeds of the new issue were $25,000. The...
-
The bank reconciliation statement of Feng Zhen Liu on 21 June 2016 was as shown below. FENG ZHEN LIU Bank Reconciliation Statement as at 21 June 2016 Balance as per bank statement Add: Unpresented...
-
You are developing an industrial building with a gross building area of 150,000 sf. The building efficiency ratio is 75%. The market gross rent is $25 psf. The vacancy rate is 5%; the cap rate is 5%;...
-
A periodic review method of inventory control is to be used for two products that are to be purchased from the same supplier at the same time. The following data have been collected for these items:...
-
Use the descriptions in Exercises 108109 to write an equation of a polynomial function with the given characteristics. Use a graphing utility to graph your function to see if you are correct. If not,...
-
87.16
-
Operating cash flows, rather than accounting profits, are listed in Table 11-4.What is the basis for this emphasis on cash flows as opposed to net income?
-
Explain the calculation of the WACC without using the formula for your answer. In other words, describe the process of calculating WACC.
-
Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during 2019 for which data follow....
-
Coftee's Company committed to a plan on October 1 of the current year to discontinue its beverage segment. Income from operating the segment was $1,250,000 for January through September and $727,000...
-
Thomas and Associates, a law firm, accrued $4,000 for four days of wages on December 31. On January 7, it paid two weeks of wages, totaling $10,000, to employees. The companys fiscal year-end is...
-
For the office building in the preceding table, compute the following for 2007: a. Monthly natural gas consumption based on Btu/ft 2 of floor area. b. Annual natural gas consumption based on Btu/ft 2...
-
(AVR) PR=IAVR=1R = (power dissipated by a resistor) (28.12) R
-
As a manager and an entrepreneur, you will face a new challenge - business venture structured on the theory of the firm. You are opening a restaurant in your selected town in the State of NY (please...
-
Install on ubuntu , please provide a screenshot for each step 1)How to install base64 on ubuntu 2)What kind of analysis is performed by Cuckoo? How to install Cuckoo on ubuntu?
-
rt a letter to Rose McBride. Writing Plan - Refusal to a Request Rubric Buffer: Start with a neutral statement on which both reader and writer can agree, such as a compliment, appreciation, a quick...
-
FACTS: The Budvar Company sells parts to a foreign customer on December 1, Year 1, with payment of 20,000 crowns to be received on March 1, Year 2. Budvar enters into a forward contract (with a...
-
Pendleton Automotive Corp. is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The boards...
-
You've been asked to take over leadership of a group of paralegals that once had a reputation for being a tight-knit, supportive team, but you quickly figure out that this team is in danger of...
-
Using the information provided in E4- 12: In E4- 12 MPS, Inc. has the following unadjusted account balances as of December 31, 2015, the companys year- end: Cash: $ 430,000 Accounts Receivable: $...
-
Using the information provided in E4- 12, prepare a worksheet including the columns for the unadjusted trial balance, adjustments, the adjusted trial balance, income statement, and balance sheet. In...
-
Magic Cleaning Services (MCS) has a fiscal year- end of December 31. As of year- end, MCS has the following unadjusted trial balance: In addition, it has not adjusted for the following transactions: ...
-
Suppose you bought a bon with an annual coupon rate of 6.5 percent one year ago for $1,032. The bond sells for $1,020 today. a. Assuming a $1,000 face value, what was your total dollar return on this...
-
During the year 2021, William has a job as an accountant, he earns a salary of $100,000. He has done some cleaning services work on his own (self-employed), where he earned a net income of $50,000....
-
Fixed cost per unit is $7 when 25,000 units are produced and $5 when 35,000 units are produced. What is the total fixed cost when 30,000 units are produced? Group of answer choices $150,000....
Study smarter with the SolutionInn App