Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.Explain the closing entry process and prepare the closing entries in journal form based on the

Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.Explain the closing entry process and prepare the closing entries in journal form based on the

QUESTION 3

1.
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 question 3.


QUESTION 5

1.

POST
INC. BANK RECONCILIATION

Cash
balance per bank

$8,500

Cash
balance per books (general ledger)

$7,320

Outstanding
checks

$2,150

Check
mailed to the bank for deposit had


not
reached the bank by the statement


date.

$600

NSF
check returned by the bank for


accounts
receivable

$200

July
interest earned on the bank statement

$10

Check
no. 700 for misc. expense cleared


the
bank for $200; erroneously recorded


in
the Matrix books for $20






Prepare
a bank reconciliation.



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