Prepare the closing entries and Post Closing Trial Balance Listed below are the accounts taken from the Dec. 31, 2020 adjusted trial balance of Sevilla Company Accounts Receivable Supplies Expense Salaries Expense Printing Revenues Prepaid Insurance Depreciation Expense Supplies Salaries Payable Printing Equipment Prepaid Advertising ABC, Withdrawals 260,000 710,000 2,270,000 8,130,000 320,000 250,000 160,000 310,000 5,520,000 70,000 1,500,000 Interest Payable Cash Repairs Expense Accounts Payable Telephone Expense Utilities Expense Unearned Printing Revenues Interest Expense ABC, Capital Notes Payable Miscellaneous Expense 40,000 160,000 10,000 190,000 20,000 80,000 210,000 300,000 340,000 2,500,000 90,000 11,720,000 11,720,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question: Prepare the closing entries and Prepare the post-closing trial balance

Subject: Basic Financial Accounting and Reporting

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Prepare the closing entries and Post Closing Trial Balance
Listed below are the accounts taken from the Dec. 31, 2020 adjusted trial balance of
Sevilla Company
Accounts Receivable.
Supplies Expense
Salaries Expense
Printing Revenues
Prepaid Insurance
Depreciation Expense
Supplies
Salaries Payable
Printing Equipment
Prepaid Advertising
ABC, Withdrawals
260,000
710,000
2,270,000
8,130,000
320,000
250,000
160,000
310,000
5,520,000
70,000
1,500,000
Interest Payable
Cash
Repairs Expense
Accounts Payable
Telephone Expense
Utilities Expense
Unearned Printing Revenues
Interest Expense
ABC, Capital
Notes Payable
Miscellaneous Expense
40,000
160,000
10,000
190,000
20,000
80,000
210,000
300,000
340,000
2,500,000
90,000
11,720,000
11,720,000
Transcribed Image Text:3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Prepare the closing entries and Post Closing Trial Balance Listed below are the accounts taken from the Dec. 31, 2020 adjusted trial balance of Sevilla Company Accounts Receivable. Supplies Expense Salaries Expense Printing Revenues Prepaid Insurance Depreciation Expense Supplies Salaries Payable Printing Equipment Prepaid Advertising ABC, Withdrawals 260,000 710,000 2,270,000 8,130,000 320,000 250,000 160,000 310,000 5,520,000 70,000 1,500,000 Interest Payable Cash Repairs Expense Accounts Payable Telephone Expense Utilities Expense Unearned Printing Revenues Interest Expense ABC, Capital Notes Payable Miscellaneous Expense 40,000 160,000 10,000 190,000 20,000 80,000 210,000 300,000 340,000 2,500,000 90,000 11,720,000 11,720,000
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