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Prepare closing entries and post-closing trial balance

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Reference no: EM132971158

Problem 1: Prepare Closing Entries and Post-closing Trial Balance

Assumed to balance $ 323,800 on debit and credit.

Adjusted trial balance Account (Account) Balance

Accounts receivable (accounts receivable) 119,000

Prepaid insurance 20,500

Materials (supplies) 3,850

Cash 145,450

Equipment 35,000

Accounts payable 90,000

Notes payable 42,800

Juan del Pueblo, capital 69,000

Juan del Pueblo, retreats (drawings) 20,000

Fee earned 835,000

Utilities expense 24,500

Salary expense 620,000

Advertising expense 3,500

Rent expense 45,000

Reference no: EM132971158

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