ACT 300 - Module 3 Option 2.xlsx - PREPARING ADJUSTING...

PREPARING ADJUSTING ENTRIES, CLOSING ENTRIES, AND A POST-CLOSING TRIAL BALANCE 1
Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial
Balance
Name
ACT300 Principles of Accounting I
Teacher Name
Date

PREPARING ADJUSTING ENTRIES, CLOSING ENTRIES, AND A POST-CLOSING TRIAL BALANCE 2
Account Adjusted trial balance
Debit Credit
Cash $ 25,000
Accounts receivable 15,000
Office equipment 29,600
Accumulated depreciation—Office equipment $ 5,000
Notes payable 16,700
Virginia Travel, Capital stock 30,260
Virginia Travel, Dividends 1,000
Fees earned 75,000
Salaries expense 32,800
Rent expense 16,800
Depreciation expense—Office equipment 3,960
Office supplies expense 2,800
Totals $ 126,960 $ 126,960
Virginia Travel
Post-Closing Trial Balance
December 31
Account balances
Account Debit Credit
Cash $ 25,000
Accounts receivable 15,000
Office equipment 29,600
Accumulated depreciation—Office equipment $ 5,000
Notes payable 16,700
Capital Stock 30,260
Retained Earnings 17,640
Totals $ 69,600 $ 69,600

PREPARING ADJUSTING ENTRIES, CLOSING ENTRIES, AND A POST-CLOSING TRIAL BALANCE 3
Closing Entries
Date Revenue account