Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Instructions: Perform the following steps in the Excel workbook in chronological order . Prepare an adjusted trial balance at the end of the month. 2,
Instructions: Perform the following steps in the Excel workbook in chronological order .
- Prepare an adjusted trial balance at the end of the month.
2, Balance sheet
3, Journalize and post closing entries for the month.
4, Prepare a post-closing trial balance at the end of the month.
On November 1, 20XX, Larry Bird Ballers had the following account balances. Debit Cash $ 2,790 Accounts Receivable 7,640 Prepaid Insurance 2,910 Supplies 1,100 Equipment 86,000 Patents 10,100 $ 110,540 Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Credit $ 14,000 2,300 620 3,460 65,000 25,160 $ 110,540 During November, the following transactions occurred. Nov-08 Paid $620 of salaries related to October (debit Salaries Payable). Nov-10 Received $3,850 cash from customers in payment of account receivable. Nov-12 Received $47,700 cash for services performed in November. Nov-15 Paid November rent, $3,330. Nov-17 Purchased equipment on account for $3,600. Nov-22 Paid November salaries, $4,800. Nov-25 Paid creditors $2,500 of accounts payable due. Nov-27 Performed services on account and billed customers for $900. Nov-29 Received $820 from customers for services to be performed in the future. Nov-30 Declared and paid a $450 dividend. 31. Nov-30 Supplies on hand at the end of the month totaled $500. 32. Nov-30 Accrued salaries payable are $2,080. 33. Nov-30 Depreciation for the month is $300. 34. Nov-30 Services were performed to satisfy $500 of unearned service revenue. LARRY BIRD BALLERS BALANCE SHEET NOVEMBER 30, 20XX Assets Current assets: Total current assets Non-current assets: Total non-current assets IN Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity | LARRY BIRD BALLERS POST-CLOSING TRIAL BALANCE NOVEMBER 30, 20XX Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started