Reference no: EM132751665
Fraser Valley Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2018.
Accounts Payable $ 2,800
Interest Expense $ 1,500
Accounts Receivable $ 18,225
Interest Payable $ 1,500
Accumulated Depreciation - Equipment $ 5,905
Prepaid Insurance $ 3,450
Bank Loan Payable, due 2021 $ 25,000
Rent Expense $ 15,000
Cash $ 11,430
Rent Payable $ 1,250
Common Shares $ 5,000
Retained Earnings $ 5,400
Depreciation Expense $ 2,275
Salaries Expense $ 19,200
Dividends declared $ 600
Salaries Payable $ 2,200
Equipment $ 25,600
Service Revenue $ 54,275
Income Tax Expense $ 2,000
Supplies $ 3,400
Income Tax Payable $ 1,500
Supplies Expense $ 1,750
Insurance Expense $ 1,100
Unearned Revenue $ 700
Problem 1: In order to practice the basics in accounting, the closing journal entries as of August 31 and a post-closing trial balance with the above data.
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