Reference no: EM131772877
Problem - The December 31, 2009, adjusted trial balance of Success System (reflecting its transactions from October through December of 2009) follows.
No. Account Title Debit Credit
101 Cash....................................................................... $ 58,160
106 Account receivable.................................................. 5, 668
126 Computer supplies..................................................... 580
128 Prepaid insurance...................................................... 1,665
131 Prepaid rent...............................................................825
163 Office equipment........................................................8,000
164 Accumulated depreciation-Office equipment...... $400
167 Computer equipment................................................20,000
168 Accumulated depreciation-Computer equipment........ 1,250
201 Account payable...................................................... 1,100
210 Wages payable.............................................................. 500
236 Unearned computer services revenue.................... 1,500
301 A. Lopez, Capital............................................................. 83,000
302 A. Lopez, Withdrawals...............................................7,100
403 Computer service revenue............................................... 31,284
612 Depreciation expense-office equipment..................... 400
613 Depreciation expense-computer equipment............ 1,250
623 Wages expense....................................................... 3,875
637 Insurance expense................................................... 555
640 Rent expense............................................................2, 475
652 Computer supplies expense........................................3, 065
655 Advertising expense..................................................2, 965
676 Mileage expense.......................................................896
677 Miscellaneous expense..............................................250
684 Repair expense-computer....................................... 1,305
901 Income summary......................................................
Total........................................................................$119,034 $119,034
Required -
1. Record and post the necessary closing entries for Success Systems.
2. Prepare a post-closing trial balance as of December 31, 2009.