Question
The December 31, 2024, adjusted trial balance for a company is presented below. Accounts (Debit) (Credit) Cash $14,000 (Debit) Accounts Receivable 155,000 (Debit) Prepaid Rent
The December 31, 2024, adjusted trial balance for a company is presented below.
Accounts (Debit) (Credit)
Cash $14,000 (Debit)
Accounts Receivable 155,000 (Debit)
Prepaid Rent 5,000 (Debit)
Supplies 31,000(Debit)
Land 270,000 (Debit)
Accounts Payable $13,000(Credit)
Salaries Payable 12,000 (Credit)
Interest Payable 5,000(Credit)
Notes Payable (due in two years) 41,000
Common Stock 305,000 (Credit)
Retained Earnings 62,000 (Credit)
Service Revenue 505,000 (Credit)
Salaries Expense 401,000 (Debit)
Rent Expense 21,000 (Debit)
Utilities Expense 41,000(Debit)
Interest Expense 5,000(Debit)
Totals $943,000(Debit) $943,000(Credit)
Required:
1. Record the necessary closing entries at December 31, 2024.
2. Prepare a post-closing trial balance.
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