Question

Prepare the Post-Closing Trial Balance for Smart Touch Learning as of December 31, 2016. Enter accounts in order of assets, liabilities, and equity. Assume all accounts have normal balances.

Account Balance
Accounts Receivable 1,500
Accumulated Depreciation - Furniture 100
Cash 50,980
Common Stock 40,800
Furniture 10,900
Office Supplies 290
Prepaid Insurance 900
Retained Earnings 14,670
Salaries Payable 4,400
Unearned Revenue 4,600

Answer 1

Follows are the solution to this question:

Step-by-step explanation:

Intelligent learning

Trail balance until closure

31st December 2016.

Account- title Dr. Cr.

Receivable Accounts 1,300

cash 45,710

Furniture 9,100

Office materials 350

Insurance prepayments 1,050

Accumulated deprecciation - Furniture 100

payable wages 4,600

Unearned income 4,400

Common inventory 35,500

retention of profits 12,910

Total 57,510 57,510