- Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)
8. Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) Credit LAZY SOFA FURNITURE, INC. Post-Closing Trial Balance At December 31, 2018 (in thousands) Account Titles Debit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expenses Supplies Expenses Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 S 0 Required information [The following information applies to the questions displayed below.] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit $ 4 3 7 $ 9 2 8 @ Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 11 7 @ 0 $28 $ 28 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $31 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $13 cash on July 2. c. Issued additional shares of common stock on July 3 for $4. d. Purchased additional equipment on August 4, $4 cash. e. Purchased, on account, supplies on September 5 for future use, $9. f. On December 6, recorded revenues in the amount of $74, including $8 on credit and $66 received in cash. g. Paid salaries and wages expenses on December 7, $45. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $10. J. Received a $2 deposit on December 10 for work to start January 15, 2019. d. Purchased additional equipment on August 4, $4 cash. e. Purchased, on account, supplies on September 5 for future use, $9. f. On December 6, recorded revenues in the amount of $74, including $8 on credit and $66 received in cash. g. Paid salaries and wages expenses on December 7, $45. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $10. j. Received a $2 deposit on December 10 for work to start January 15, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $2. 1. Supplies of $5 were counted on December 31, 2018. m. Depreciation for 2018, $1. n. Accrued interest on notes payable of $1. o. Wages earned but not yet paid, $2. p. Income tax for 2018 was $1 and will be paid in 2019. 5-a. Prepare an income statement. 5-b. Prepare statement of retained earnings. 5-c. Prepare a balance sheet. For all requirements, enter your answers in thousands of dollars.) Complete this question by entering your answers in the tabs below. Req 6A Req 6B Req 6C Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
