Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 4-12 Post-closing trial balance LO2, 3.4 CHECK FIGURE: b = $200,150 The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown

image text in transcribed

Exercise 4-12 Post-closing trial balance LO2, 3.4 CHECK FIGURE: b = $200,150 The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Debit Credit $ 31,000 $ 48,000 9,000 21.000 14,400 3,800 19.000 21.000 7,500 7.000 450 750 148.000 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 payable Notes payable, due February 1, 2021 Notes receivable? Prepaid rent. Rent expense Repair revenue Repair Supplies Repair supplies expense. Truck Unearned repair revenue Vic Sopik, capital Vic Sopik, withdrawals Totals 35,000 7.000 6,000 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. $2.000 of the notes receivable will be collected by March 31, 2021. Required Preparation Component: 2 Place an X in the space provided beside each account balance that would not appear on the post-closin trial balance. b. Calculate the post-closing balance in the owner's capital

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Value Factor Making Managements Head Turn Internal Audit And IT Audit Series

Authors: Daniel Samson

1st Edition

1138198129, 978-1138198128

More Books

Students also viewed these Accounting questions

Question

9. Describe the characteristics of power.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago