PREPARATION OF POST - CLOSING TRIAL BALANCE

Activity Title : Preparation of Post - Closing Trial Balance Learning Target: Prepare post-closing trial balance Reference title : Fundamentals of Accounting workbook for beginners by Flocer Ong/ Accounting Principles I by: Amelia M. Arganda, Teresa Cardenas - Atis, Bernardo G. del isRosario, Jr. (coordinator) Credit Sample Problem: D Jade Company Trial Balance December 31, 2019 Debit Cash P250,000 Accounts Receivable 75,000 Supplies 14,000 Prepaid Rent 230,000 Office Equipment 50,000 Accumulated Depreciation - Officee Equipment Accounts payable Unearned Income J, Capital J. Drawing 80,000 Delivery Income Rent Expense 120,000 Insurance Expense 22,000 Salaries Expense 64,000 Utilities Expense 12,800 Total P917 800 P14,000 110,000 70,000 396,000 327,800 P 917,800 Required: 1. Prepare the closing entries 2. Prepare the post closing trial balance D Jade Company Post-Closing Trial Balance December 31, 2019 Credit Accounts Debit Cash P250,000 Accounts Receivable 75,000 Supplies 14,000 Prepaid Rent 230,000 Office Equipment 50,000 Accumulated Depreciation - Officee Equipment Accounts payable Unearned Income J. Capital Total P 619,000 P14,000 110,000 70,000 425,000 P 619,000 Activity I - (50pts.) JVC Company Trial Balance December 31, 2016 Credit Debit Cash P 300,000 Accounts Receivable 240,000 Supplies 14,000 Prepaid Insurance 30,000 Office Equipment 250,000 Accumulated Depreciation - office Equipment Accounts Payable Unearned Training Fees J. Capital J, drawing 100,000 Training Fees Rent Expense 80,000 Insurance Expense 15,000 Salaries Expense 50,000 Utilities Expense 18,000 TOTAL P1,097,000 P30,000 90,000 110,000 446,000 421,000 P 1.097.000 Required: 1. Prepare the closing Entries 2. Prepare the Post-closing Trial Balance Worksheet FOR THE YEAR ENDED DECEMBER 31, 2016 Income Statement ACCOUNTS Trial Balance Adjustment Adjusted Trial Balance Debit Credit Statement of Financial Position Debit Credit Debit Credit Credit Debit Credit Debit P14,450.00 9,800.00 5,400.00 Receivable Insurance ated depreciation - juipment P6,500.00 HILLTOP REALTY Worksheet FOR THE YEAR ENDED DECEMBER 31, 2016 ACCOUNTS Trial Balance Adjustment Income Statement Adjusted Trial Balance Debit Credit Statement of Financial Position Debit Credit Credit Debit Debit P14,450.00 Credit Debit Credit 5 Receivable 9,800.00 5,400.00 Insurance ated depreciation - quipment P6,500.00