B D E F Natasha Noaman Company has provided the following adjusted trial balance Examine the information in the adjusted trial balance and use the pick lists available from the leftmost column to indicate it each account is to be closed with a Debit to Income Summary (IS Debit), closed with a Credit to Income Summary (IS Credit), closed directly to retained Earnings (RE Direct), or not closed (NC). A correct selection will turn the pick list area green. Cash is shown as an example, As you correctly make selections that turn each pick list col groen, closing entries and a post-closing trial balanco will be automatically displayed. Examine the closing entries and post closing trial balance and respond to the questions that follow. 6 ADJUSTED TRIAL BALANCE Natasha Noaman Company December 31, 20X5 Accounts Debit Credit 9 Not Closed 10 11 12 13 14 Cash Accounts receivable Prepaid Rent Land Building Other assets Rent Expense Depreciation Expense Insurance Expense Tax Expense Salaries Expense Dividends 15 16 17 24,150 18 64,400 19 20 Identification A Problem + Ready B D E F G 24.150 18 64,400 19 20 $ 21 22 Tax Expense Salaries Expense Dividends Accumulated depreciation Accounts payable Salarios Payable Notes payable Capital stock Retained earnings Revenues 6,038 10,000 25 26 (24,088) 96,600 27 $ 88,550 $ 88,550 28 29 GENERAL JOURNAL 30 Date Accounts Debit 31 Credit 32 Doc. 31 33 34 To cbse revenues to Income Summary 35 GENERAL JOURNAL 36 Date Accounts Debit Credit 37 38 Dec. 31 39 Identification Problem Ready A B D E F G 35 GENERAL JOURNAL 36 Date Accounts Debit Credit 38 Dec. 31 39 40 41 42 . 43 44 To close exponses to Income Summary 45 46 GENERAL JOURNAL Date Accounts Debit Credit 47 48 Dec. 31 49 50 To close Income Summary to Retained Earnings 51 GENERAL JOURNAL 52 Date Accounts 53 Debit Credit 54 Dec. 31 55 Teniende a CARAN Identification Problem Ready B72 . fx Accounts payable A B D E F G GENERAL JOURNAL 52 3 Date Accounts Debit Credit Dec. 31 55 56 To close Dividends to Retained Earnings 57 58 Note: The following Trial Balance is not correct until all entries above are complete 59 62 TRIAL BALANCE Natasha Noaman Company December 31, 20X5 63 8 8 9 8 8 8 8 9 8 8 8 64 Accounts Debit Credit 65 66 67 Cash Accounts receivable Prepaid Rent Land Building 68 69 70 Other assets 71 72 Accumulated depreciation Accounts payable Identification A Problem + Ready B E G 61 62 TRIAL BALANCE Natasha Noaman Company December 31, 20X5 Accounts 63 64 Debit Credit 65 Cash 66 67 68 69 70 71 Accounts receivable Prepaid Rent Land Building Other assets Accumulated depreciation Accounts payable Salarios Payablo Notes payable Capital stock Retained earnings 72 73 6,038 74 75 10,000 76 (24.088 77 $ $ (8,050) 78 + 79 Does the adjusted trial balance total necessarily equal the post-closing trial balance? 80 81 How much was net income? 82 83 By how much did retained earnings increase? 84 The RAM that is an ad Identification A Problem + Ready 9 tv all B89 x fx B D E m. F G Accounts receivable 67 Prepaid Rent 68 Land 69 70 71 72 Building Other assets Accumulated depreciation Accounts payable Salaries Payable Notes payable Captal stock Retained earnings 73 6,038 74 75 76 10,000 (24.088 77 $ (8.050 78 79 Does the adjusted trial balance total necessarily equal the post-closing trial balance? 80 81 How much was net incomo? 82 83 By how much did retained earnings increase? 84 85 Tho accounts that are closed are called what? 86 87 The accounts that were not closed are found on the B8 89 Identification Problem + Ready
