Purpose a post-closing trial balance

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Reference no: EM139876

During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:

Oct. 1: Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.

Oct. 1: Paid the premium on a one-year insurance policy, $1,200.

Oct. 1: Paid the current month's rent, $1,040.

Oct. 3: Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.

Oct. 8: Purchased repair supplies from McKenna Company on credit, $390.

Oct. 12: Paid utility bill for October, $154.

Oct. 16: Cash bicycle repair revenue for the first half of October, $1,362.

Oct. 19: Made payment to McKenna Company, $200.

Oct. 31: Cash bicycle repair revenue for the last half of October, $1,310.

Oct. 31: Declared and paid cash dividend of $800.

Prepare a post-closing trial balance as of October 31 in the space below.

Reference no: EM139876

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