M5 Project Adjusted Trial Balance (in US $): August 31 Account Title Debits Credits Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Stock Retained Earnings Sales Revenue Cost of Goods Sold Insurance Expense Depreciation Expense Other Operating Expenses Doubtful Accounts Expense Gain (Loss) on Sale of Equipment Dividends Total Karry no Key, Inc. Cell Links/Formulas: Sales Revenue na n/a n/a n/a Other Operating Expenses n/a Depreciation Expense n/a Insurance Expense n/a n/a |Gain (Loss) on Sale of Equipment n/a n/a Karry no Key, Inc. Beginning Stock n/a Stock Issued n/a Ending Stock n/a Beginning Retained Earnings n/a n/a Dividends n/a Ending Retained Earnings n/a Total Shareholders' Equity n/aKarry no Key, Inc. Cash from Operating Activities: Cash Collected from Customers n/a Cash Paid for Inventory n/a Cash Paid for Other Operating Expenses n/a Total Cash from Operating Activities n/a Proceeds from Sale of Equipment n/a Capital Expenditures n/a Cash from Investing Activities n/a Cash from Financing Activities Cash Paid for Dividends n/a Net Cash from Financing Activities n/a /a Beginning Cash Balance nya Ending Cash Balance n/aKarry no Key, Inc. Cash na Accounts Receivable, Net of Allowance for Doubtful Accounts n/a n/a Prepaid Insurance n/a n/a Equipment, Net of Accumulated Depreciation n/a n/ Accounts Payable n/a n/a na Stock n/a ma Continuation of Journal and Ledger: Prepare the closing entries below and post to the Retained Earnings T-account using links from your closing entries ACCOUNT TITLES AND EXPLANATIONS DEBIT CREDIT n/ n/a In/ n/a In/a n/a In/a n/a In/a n/a In/a n/a In/a n/a To close Net Income In/a na n/a n/a Retained Earnings Adjusted Balance Ina n/a n/a n/a In/a n/a Post-Closing Balance Prepare the Post-Closing Trial Balance Post-Closing Trial Balance (in US $) August 31 Account Title Debits Credits Cash n/a Accounts Receivable In/a n/a Allowance for Doubtful Accounts In/a n/a Inventory n/a n/a Prepaid Insurance In/a n/a Equipment In/a n/a Accumulated Depreciation In/a n/a Accounts Payable In/a n/a Accrued Liabilities In/a n/a Stock In/a n/a Retained Earnings In/a n/aG N Q During August, its 5th month of business, Karry no Key, Inc.: Amounts in US $ General Ledger Trial Balances (in US $) August 31 Journal: ACCOUNT TITLES AND EXPLANATIONS Per Unit Total DEBIT CREDIT Assets Liabilities Shareholders' Equity Unadjusted Adjusted 8/1 Other Operating Expenses Cash Accounts Payable Stock Account Title Debits Credits Debits Credits Cash Beginning Balance Cash Paid amount owed for prior month's operating expenses 1,696 Accounts Receivable Cash Allowance for Doubtful Accounts Accounts Receivable Inventory Collected accounts receivable 6,280 Prepaid Insurance Cash Unadjusted Balance Equipment Accounts Payable Accumulated Depreciation Purchased 500 karaoke machines on account $ 109 54.500 Adjusted Balance Accounts Payable Accrued Liabilities Accounts Payable Accounts Receivable Accrued Liabilities Retained Earnings Stock Beginning Balance Retained Earnings Sales Revenue Sold its equipment on August 1 for cash of 127 878 Cost of Goods Sold Unadjusted Balance Insurance Expense 20 Depreciation Expense On August 1, purchased equipment with an estimated useful Adjusted Balance Other Operating Expenses 22 life of 5 years and a salvage value of $500 paying cash of 64,100 Doubtful Accounts Expense 23 During 148 price llowance for Doubtful Account Sales Revenue Gain [Loss] on Sale of Equipment 24 August Beginning Balance Dividends 25 Total 26 Unadjusted Balance 27 Sold 530 karaoke machines on account using FIFO perpetual Diagnostic Check: 28 inventory; beginning inventory consisted of 100 karaoke machines at a cost of 108 Adjusted Balance Debits = Credits True True 29 During 30 August Inventory Cost of Goods Sold Paid accounts payable 64,800 Beginning Balance 32 83 33 Unadjusted Balance 34 Declared and paid a cash dividend 1,060 35 83 Adjusted Balance Wrote off specific bankrupt customers' accounts 740 Prepaid Insurance Insurance Expense 8/3 Beginning Balance 39 40 Adjusted for Allowance for Doubtful Accounts to equal 4,440 Unadjusted Balance 41 83 42 Adjusted Balance 43 Adjusted for insurance used; amount prepaid on May 1 for 6-months' coverage was: 3,180 44 831 Equipment Depreciation Expense 45 Beginning Balance Adjusted For depreciation of its an. immamet with - E .mor . obd life and +50n apluses usluC G K L M N 0 P Q R S V W Adjusted Balance Adjusted for insurance used; amount prepaid on May 1 for 6-months' coverage was: 3,180 813 Equipment Depreciation Expense Beginning Balance Adjusted for depreciation of its equipment with a 5-year useful life and $500 salvage value 813 Unadjusted Balance Adjusted for all other operating expenses owed that will be paid in the next month 1.696 Adjusted Balance Diagnostic Accumulated Depreciation Other Operating Expenses Debits = Credits Beginning Balance True Unadjusted Balance Chart of Accounts: Accounts Payable Adjusted Balance Accounts Receivable Accrued Liabilities Doubtful Accounts Expense Accumulated Depreciation Beginning Balance Allowance for Doubtful Accounts Cash Unadjusted Balance Cost of Goods Sold Depreciation Expense Adjusted Balance Dividends Doubtful Accounts Expense iain [Loss) on Sale of Equipmer Equipment Beginning Balance Gain (Loss) on Sale of Equipment Insurance Expense Unadjusted Balance Inventory Other Operating Expenses Adjusted Balance Prepaid Insurance Retained Earnings Dividends Sales Revenue Beginning Balance Stock Unadjusted Balance Adjusted Balance Instructions Journal, Ledger and TB Statements