Tony decided to end the Sanchez Computer Centers first year as of September 30, 201X. Following is

Question:

Tony decided to end the Sanchez Computer Center’s first year as of September 30, 201X. Following is an updated chart of accounts.
Assets Revenue
1000 Cash 4000 Service Revenue
1020 Expenses
1025 Prepaid Rent 5010 Advertising Expense
1030 Supplies 5020 Rent Expense
1080 Computer Shop Equip. 5030 Utilities Expense
1081 Accum. Depr., C.S. Equip. 5040 Phone Expense
1090 Office Equipment 5050 Supplies Expense
1091 Accum. Depr., Office Equip. 5060 Insurance Expense
Liabilities 5070 Postage Expense
2000 5080 Depr. Exp., C.S. Equip.
Owner’s Equity 5090 Depr. Exp., Office Equip.
3000 T. Freedman, Capital
3010 T. Freedman, Withdrawals
3020 Income Summary

Assignment
1. Journalize the adjusting entries from Chapter 4.
2. Post the adjusting entries to the ledger.
3. Journalize the closing entries.
4. Post the closing entries to the ledger.
5. Prepare a post-closing trial balance.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...