B-04.05 Problem

B-04.05 Problem - Capital stock- 80,000 Retained earnings-...

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B-04.05 Timber Creek prepared the following adjusted trial balance on December 31, 20X3. The company has completed preparation of financial statements and is now ready to prepare closing entries. TIMBER CREEK Adjusted Trial Balance As of December 31, 20X3 Debits Credits Cash 35,600 $ $ - Accounts receivable 23,700 - Supplies 7,500 - Equipment 325,700 - Accumulated depreciation - 40,400 Accounts payable - 34,800 Loan payable - 100,000
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Unformatted text preview: Capital stock- 80,000 Retained earnings- 70,000 Dividends 20,000 -Revenues-478,400 Rent expense 120,000- Salaries expense 235,600- Supplies expense 18,000- Interest expense 7,400- Depreciation expense 10,100-803,600 $ 803,600 $ (a) Prepare the necessary closing entries. (b) Use T-accounts to determine the post-closing balances of the accounts. (c) Prepare the post-closing trial balance....
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