Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The ADJUSTED Trial Balance of Rehearse Professionals for the year ended December 31, 2020, follows: Rehearse Professionals ADJUSTED Trial Balance December 31, 2020 Account

The ADJUSTED Trial Balance of Rehearse Professionals for the year ended December 31, 2020, follows: Rehearse Professionals ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash 15,000 1,400 Ofice supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Uneamed service revenue 2,500 50,000 7,500 R.000 2,500 15,000 50,000 Capital Withdrawals 10,000 Repair service revenue Wages expense Rentexpense Depreciation expense Ofice supplies expense Advertising expense Insurance expense 100,000 60,000 24,000 7,500 4,000 5,000 3,600 183000 S Total 183,000 Required: Hased on the adjusted sccount halanoen listed above, complete the fellowing: 1 Journalize Clasing Entries 2 Post The Closing Eatrics to the T-Accounts 3 Prepare The Posl-Clase Trial Balance Remember: All sadjustments have already been made, and financial statements were already prepared by somcone che.

Step by Step Solution

3.26 Rating (144 Votes )

There are 3 Steps involved in it

Step: 1

CLOSING ENTRY TACCOUNT DATE GENERAL JOURNAL DEBIT CREDIT INCOME SUMMARY ACCOUNT 31Dec Repair service ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

5th Canadian Edition

1119403995, 9781119403999

More Books

Students also viewed these Accounting questions

Question

3. Housekeeping, such as watering plants or storing personal items

Answered: 1 week ago