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Prepare an Adjusted Trial Balance at November 30, 2021. Journalize the Closing Entries. (HintUse your Adjusted Trial Balance for accounts and amounts-- ) Post the
- Prepare an Adjusted Trial Balance at November 30, 2021.
- Journalize the Closing Entries. (HintUse your Adjusted Trial Balance for accounts and amounts--)
- Post the Closing Entries to the General Ledger accounts and find the final ending balances.
- Prepare a Post-Closing Trial Balance on November 30, 2021.
Adjustment Data:
- Services performed for customers through November 30, 2021, but unbilled and uncollected were $3,000.
- Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected.
- Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value.
- Record 1 month of insurance expense.
- An inventory count shows $750 of supplies on hand on November 30th.
- Record services performed for the customer who paid in advance on November 18th.
- Accrue for wages owed through November 30, 2021.
- Accrue interest expense for one month.
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