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I need help with number 7 that is not highlighted. The post - closing Trial Balance. Thank you! runt Alignment Number Styles 815 1 Thunder
I need help with number that is not highlighted. The postclosing Trial Balance.
Thank you!
runt Alignment Number Styles 815 1 Thunder lnc Required: 1) Prepare "during the period" journal entries 2) Post journal entries to accounts 3) Prepare an Unadjusted Trial Balance 4) Record adjusting journal entries 5) Prepare an Adjusted Trial Balance 6) Record closing journal entries 7) Prepare a Post-Closing Trial Balance 8) Prepare all financial statements January Transactions: a Issued 150,000 of common stock b) Borrowed $65,000 from the Southern Utah Bank at 10% interest (payable annually) du Journal Entries Account Name Cash Common Stock Cash Loan payable Equipment Cash, d f Supplies cash b) Borrowe $65,000 from the Southern Utah Bank at 10% interest (payable annually) due in 5 years c) Purchased equipment for $33,000 cash expected to last 10 years with salvage value of$5,000 d) Purchased supplies for $5,000 cash expected to last 1 year e) Paid rent for the next 6 months in advance for $44,000 Rented office equipment for the year for $15,000 _(due at end of the year) g) Purchased merchandise from Joe's Supply for $53,000 on account h) Hired an employee for $45,000/year i) Hared an employee for $9.00/hour j) Sold merchandise costing $35,000 for $45,000. $20,000 was cash sales k) Pre-sold merchandise costing $4,000 for $7,500 that will be shipped next month l) Made payment of $22,000 to Joe's Supply m) Collected $8,000 of receivables n) Used $450 of supplies Additional Info: Hourly employee worked 40 hours/week for 4 weeks All wages/salaries won't be paid until the end of the first week of February CHART OF ACCOUNTS Cash Accounts receivable Inventory Supplies Sales revenue Cost of goods sold Supplies expense Interest expense J K L m Prepaid Reni Cash/ ,lnventory Accounts Payable Cash Accounts Receivable Sales Revenue COGS Inventory Cash Unearned Revenue Accounts Payable Cash Cash 150,000 150,000 65,000 65,000 33,000 33,000 5,000 5,000 44,000 44,000 53,000 53,000 20,000 25,000 45,000 35,000 35,000 7,500 7,500 22,000 22,000 8,000 Stockholder's Equi@ Journal Entries Accounts Ready t Accessibility: Good to go 630F Mostly cloudy Trial Balances Income Statement Q Search
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