Retained Earnings
Dec. 31	17,700	49,300	Adj. Bal.
		6,700	Dec. 31
Bal.			Bal.

Income Summary
Dec. 31	9,300	16,600	Dec. 31
		7,300	Bal.
Dec. 31	7,300
Bal.			Bal.

Cash
Dec. 31	13,900
Bal.			Bal.

Service Revenue
Dec. 31	19,900	19,900	Adj. Bal.
Bal.			Bal.

Common Stock
		45,500	Dec. 31
Bal.			Bal.

Depreciation Expense--Furniture
Adj. Bal.	300	300	Dec. 31
Bal.			Bal.

Dividends
Adj. Bal.	5,200	5,200	Dec. 31
Bal.			Bal.

Accounts Payable
		2,100	Dec. 31
Bal.			Bal.

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.

Fill out the Post-Closing Trial Balance as of December 31, 2016 date using the given information in the T-accounts. Enter accounts in Chart of Accounts order.

Office Supplies
Dec. 31	2,400
Bal.	2,400

Common Stock
		3,600	Dec. 31
		3,600	Bal.

Interest Payable
		1,800	Dec. 31
		1,800	Bal.

Retained Earnings
		8,700	Dec. 31
		8,700	Bal.

SMART TOUCH LEARNING
Post-Closing Trial Balance
December 31, 2016
	Balance
Account Title	Debit	Credit
Cash	12,700
Accounts Receivable	8,500
Office Supplies
Furniture	15,100
Accumulated Depreciation--Furniture		5,100
Accounts Payable		6,800
Interest Payable
Unearned Revenue		12,700
Common Stock
Retained Earnings
Total	38,700	38,700

A single underline below a cell represents subtotal.

A double underline below a cell represents grand total.

Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation.

SMART TOUCH LEARNING
Post-Closing Trial Balance
December 31, 2016
	Balance
Account Title	Debit	Credit
Cash	32,100
Accounts Receivable	6,200
Office Supplies	400
Prepaid Insurance	10,700
Prepaid Rent	10,700
Furniture	37,600
Accumulated Depreciation--Furniture		12,800
Accounts Payable		17,100
Salaries Payable		2,500
Utilities Payable		1,200
Interest Payable		1,700
Unearned Revenue		32,400
Common Stock		8,200
Retained Earnings		21,800
Total	97,700	97,700

Assets	=	Liabilities	+	Equity
	=		+

PROVE MASTERY: 3 PARTS