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Explain the closing entry process and prepare the closing entries in journal form based on the information

05 / 03 / 2018 Assignment

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 £ 45. 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.




POST COMPANY

ADJUSTED TRIAL BALANCE


Debit

Credit

Cash

80,000


Accounts Receivable

11,100


Prepaid Insurance

1,500


Equipment

4,000


Accumulated Depreciation


200

Supplies

500


Accounts Payable


700

Wages Payable


300

Unearned Revenue


1,500

Contributed Capital


80,000

Retained Earnings


0

Sales


17,000

Gas Expense

400


Supply Expense

300


Insurance Expense

200


Depreciation Expense

200


Wage Expense

500


Dividends

1,000



99,700

99,700

QUESTION 4

1.

Explain the closing entry process and prepare the closing entries in journal form based on the information in above question.


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