Question

The adjusted trial balance columns of the worksheet for Bridgeport Company are as follows.

Bridgeport Company
Worksheet (Partial)
For the Month Ended April 30, 2019
Adjusted Trial Balance
Account Titles Dr. Cr.
Cash 10,000
Accounts Receivable 8,080
Prepaid Rent 2,500
Equipment 22,700
Accumulated Depreciation—Equip. 5,500
Notes Payable 5,700
Accounts Payable 5,500
Common Stock 19,460
Retained Earnings 8,100
Dividends 3,400
Service Revenue 15,000
Salaries and Wages Expense 10,980
Rent Expense 900
Depreciation Expense 700
Interest Expense 60
Interest Payable 60
Totals 59,320 59,320
Journalize the closing entries at April 30.
Post the closing entries to Income Summary and Retained Earnings.
Prepare a post-closing trial balance at April 30.

Answer 1

The purpose of the post closing trial balance is to verify thtat the debit totals equal credit totals of the permananet accounts and temperoray accounts have zero balances.

Step-by-step explanation:

Bridgeport Company

Closing Entries

Date Particulars Debit Credit

Apr 30 Income Summary 12,640

Common Stock 19,460

Salaries & Wages Expense 10,980

Rent Expense 900

Depreciation Expense 700

Interest Expense 60

Closing Expense Accounts to Income Summary

Service Revenue 15,000

Income Summary 15,000

Closing Revenue Accounts to Income Summary

Retained Earnings 8,100

Income Summary 8100

To close retained earnings to income summary

Retained Earnings 3400

Dividends 3400

To close dividends

Bridgeport Company

Post Closing Trial Balance

Debit Credit

Cash 10,000

Accounts Receivable 8,080

Prepaid Rent 2,500

Equipment 22,700

Accumulated Depreciation—Equip. 5,500

Common Stock 19,460

Notes Payable 5,700

Accounts Payable 5,500

Interest Payable 60

Capital / RE 7060

Total 43280 43280