Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Urgent! Please help! Only need help with post-closing trail balance, thank you! $ 5 Required information [The following information applies to the questions displayed below)
Urgent! Please help! Only need help with post-closing trail balance, thank you!
$ 5 Required information [The following information applies to the questions displayed below) Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1. 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Account Titles Debit Credit Cash Accounts Receivable 4 Supplies 2 Equipment 6 Accumulated Depreciation $ Software 12 Accumulated Amortization 3 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock 15 Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 29 $ 29 Transactions during 2021 (summarized in thousands of dollars) follow: Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 29 $ 29 Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $21 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $18 cash on July 2. c Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4, $3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. 1. On December 6, recorded revenues in the amount of $65, including $9 on credit and $56 received in cash. 9. Paid salaries and wages expenses on December 7, $35. h. Collected accounts receivable on December 8, $8. Paid accounts payable on December 9, $11. J. Received a $3 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31 k Amortization for 2021, $3. 1. Supplies of $4 were counted on December 31, 2021. m. Depreciation for 2021, $2. n. Accrued interest on notes payable of $1. o. Salaries and wages earned but not yet paid, $3. p. Income tax for 2021 was $4 and will be paid in 2022. 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) LAZY SOFA FURNITURE, INCORPORATED Post-Closing Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expenses 1. UM . ! Required information Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expenses Supplies Expenses Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 0Step 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