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Accounts (Company Name) Trial Balances As of August 31, 2021 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing Dr. Cr. Dr. Cr. Dr. Cr. . Dr. Cr. 13,025 13025 125 125 575 25 600 . Cash Accounts Receivable Prepaid Insurance Supplies 150 50 100 3000 Equipment 3,000 Accumulated Depreciation 25 Accounts Payable 50 Interest Payable 25 535 Notes Payable 10000 Soon 10,000 Common Stock 5,000 0 Retained Earnings Sales Revenue 2.350 235 450 Rent Expenses Interest Expense (so 25 25 Depreciation Expense Insurance Expense Supplies Expense 25 25 50 50 Dividends 50 Total 17,400 17,400 Times New... 12 ~ AI Aa A == == Paste BI U ab X X APA Styles Styles Dictate Pane Create and Share Request Adobe PDF Signatures (Company Name) Income Statement For the Month Ended August 31, 2021 Sales Revenue $2,350 Rent Expense $450 Interest Expense $25 $25 $25 Depreciation Expense Insurance Expense Supplies Expense Net Income $50 $575 $1,775 (Company Name) Statement of Retained Earnings For the Month Ended August 31, 2021 Beginning Retained Earings $0 Add: Net Income $1,775 Less: Dividends $(50) Ending Retained Earnings $1,725 Page 1 of 2 135 words English (United States) Focus == Times New... 12 A A A A A. Paste BI U ab X X Dictate ALA Styles Styles Pane Create and Share Request Adobe PDF Signatures (Company Name) Balance Sheet As of August 31, 2021 Assets Liabilities Cash $13,025 SSO Accounts Payable Interest Payable $25 Notes Payable $10,000 Accounts Receivable $125 Prepaid Insurance $575 Supplies $100 Equipment $3,000 Accumulated Depreciation $(25) Equity Common Stock $5,000 Retained Earnings $1,725 Total Assets $16,800 Total Liabilities and Equity $16,800 Page 2 of 2 135 words nx English (United States) Focus == 1. Prepare closing journal entries for the current period using the following format. (8 points) Search's Expa Hint: The accounts that should be closed are: sales revenue, all the expenses accounts, and dividends. These accounts should be closed to retained-earnings account. You will write a matching number on the opposite side of each account, and the net of these numbers will be entered to retained earnings. Edit GO Crea Sales Revenue $ $ Com $ Com $ HI Orga $ 4 Red $ Prot $ $ 2 Com Retained Earnings Cu Fille 2. Post the above closing journal entries to the T-accounts on next page. (8 points) Hint: After posting the above closing journal entries, sales revenue, all the expenses accounts, and dividends should be zero. Ending retained-earnings balance on its T account should be the same as that on balance sheet. Conve with St: 3. Fill out the closing-entries column on the trial balances provided on a separate file (8 points) and complete the post-closing trial balance on it. (18 points) Search's Expa WU Edit Crea Com Com El Orga Red o Prot General Ledger A Com Assets Liabilities + Equity Cu Fille Cash Conve with Accounts Payable 100 150 Common Stock 5000 5000 3000 10000 600 St: General Ledger Search's Assets Liabilities + Equity Expa Edit Accounts Payable 100 150 Common Stock 5000 co Crea Cash 5000 3000 10000 600 2000 100 225 450 50 Retained Earnings Com 50 Com 13025 Notes Payable 19000 Orga Sales Revenue 2 . 350 2350 Rent Expense Red Accounts Receivable o Prot 350 225 450 A Com 125 Interest Payable 25 Interest Expense Cu Fille 25 Prepaid Insurance 600 25 Conve with 575 Depreciation Expense 25 St: 350 225 450 Search's 125 Interest Payable 25 Expa Interest Expense Edit TU 25 Prepaid Insurance 600 25 Crea 575 Depreciation Expense 25 Com Supplies Com 50 150 100 Insurance Expense 25 U Orga Red Equipment Supplies Expense 50 o Prot 3000 A Com Accumulated Depreciation Dividends lu Fille 25 50 Conve with St: Search 'S Expa (Company Name) Trial Balances As of August 31, 2021 Edit Dr. Crea Com Com U Orga Unadjusted Trial Balance Adjustments Adjusted Trial Balance Closing Entries Post-Closing Accounts Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 13,025 13,025 Accounts Receivable 125 125 Prepaid Insurance 600 25 575 Supplies 150 50 100 Equipment 3,000 3,000 Accumulated Depreciation 25 25 Accounts Payable 50 50 Interest Payable 25 25 Notes Payable 10,000 10,000 Common Stock 5,000 5,000 Retained Earnings 0 0 Sales Revenue 2,350 2,350 Rent Expenses 450 450 Interest Expense 25 25 Depreciation Expense 25 25 Insurance Expense 25 25 Supplies Expense 50 50 Dividends 50 50 Total 17,400 17,400 125 125 17,450 17,450 Red D Prot A Com lu Fille Conve with St