Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rehearse Professionals ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash $ 15,000 Office supplies 1,400 Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable
Rehearse Professionals ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash $ 15,000 Office supplies 1,400 Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue 2,500 50,000 $ 7,500 8,000 2,500 15,000 Note Payable (Short-term) 5,000 Note Payable (Long-term) 20,000 Capital 25,000 Withdrawals 10,000 Repair service revenue 100,000 Wages expense 60,000 Rent expense 24,000 Depreciation expense 7,500 Office supplies expense 4,000 Advertising expense 5,000 Insurance expense 3,600 Total 183,000 $ 183,000 Required: Based on the adjusted account balances listed above, complete the following: 1 Journalize Closing Entries 2 Post The Closing Entries to the T-Accounts 3 Prepare The Post-Close Trial Balance Remember: All adjustments have already been made, and financial statements were already prepared by someone else. Date STEP 10: JOURNALIZE CLOSING ENTRIES Debit Account Name Credit STEP LE PREPARE APTED TRIAL BALANCE POST CLOSE Trial Balance December 31, 2020 Titl
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