This paper circulates around the core theme of Explain the closing entry process and prepare the closing entries in journal form based on the information together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.
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POST COMPANY
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ADJUSTED TRIAL BALANCE
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Debit
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Credit
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Cash
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80,000
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Accounts Receivable
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11,100
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Prepaid Insurance
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1,500
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Equipment
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4,000
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Accumulated Depreciation
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200
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Supplies
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500
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Accounts Payable
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700
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Wages Payable
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300
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Unearned Revenue
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1,500
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Contributed Capital
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80,000
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Retained Earnings
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0
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Sales
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17,000
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Gas Expense
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400
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Supply Expense
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300
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Insurance Expense
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200
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Depreciation Expense
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200
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Wage Expense
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500
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Dividends
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1,000
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99,700
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99,700
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QUESTION 4
1.
Explain the closing entry process and prepare the closing entries in journal form based on the information in above question.
