Question

Pharoah Company had the following adjusted trial balance.

Pharoah Company
Adjusted Trial Balance
For the Month Ended June 30, 2020

Adjusted Trial Balance
Account Titles

Cash

Debit - $3,820


Accounts Receivable

Debit - 4,040


Supplies

Debit - 490


Accounts Payable

Credit - $1,800

Unearned Service Revenue

Credit - 180

Owner’s Capital

Credit - 4,180

Owner’s Drawings

Debit - 770

Service Revenue

Credit - 5,990

Salaries and Wages Expense

Debit - 1,500

Miscellaneous Expense

Debit - 390


Supplies Expense

Debit - 1,700


Salaries and Wages Payable

Credit - 560


$12,710

Prepare a post-closing balance.

Answer 1

The solution is given below

Explanation:

The preparation of the post closing trial balance is given below

Particulars Debit amount Credit amount

Cash $3,820

Account receivable $4,040

Supplies $490

Account payable $1,800

Unearned service revenue $180

Owner capital ($4,180 + $5,990 - $1,500 - $390 - $1,700 - $770) $5,810

Salary and wages payable $560

Total $8,350 $8,350