Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $23,900 Prepaid Insurance 4,000 Fixed Assets 45,000 Notes Payable $40,000 Common Stock 26,000 Retained Earnings 48,350 Dividends 22,000 Sales Revenue 152,000 Automobile Expense 26,500 Insurance Expense 20,000 Salaries Expense 123,500 Supplies Expense 1,450 $266,350 $266,350 Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assuming the following Adjusted Trial Balance:
Adjusted Trial Balance
Debit
Credit
Cash
$23,900
Prepaid Insurance
4,000
Fixed Assets
45,000
Notes Payable
$40,000
Common Stock
26,000
Retained Earnings
48,350
Dividends
22,000
Sales Revenue
152,000
Automobile Expense
26,500
Insurance Expense
20,000
Salaries Expense
123,500
Supplies Expense
1,450
$266,350
$266,350
Create the Post-Closing Trial Balance that would result,
after all closing journal entries were made and posted. If an
amount box does not require an entry, leave it blank.
Post-Closing Trial Balance
Debit
Credit
Cash
Fixed Assets
Insurance Expense
Prepaid Insurance
Retained Earnings
Transcribed Image Text:Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $23,900 Prepaid Insurance 4,000 Fixed Assets 45,000 Notes Payable $40,000 Common Stock 26,000 Retained Earnings 48,350 Dividends 22,000 Sales Revenue 152,000 Automobile Expense 26,500 Insurance Expense 20,000 Salaries Expense 123,500 Supplies Expense 1,450 $266,350 $266,350 Create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank. Post-Closing Trial Balance Debit Credit Cash Fixed Assets Insurance Expense Prepaid Insurance Retained Earnings
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