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  • Post Closing Trial Balance

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    Jepherson Benson
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    1. The document shows accounting records for various accounts of Hanna Collection for the month of November including cash, accounts receivable, supplies, furniture and fixtures, equipment, accounts payable, capital, drawings, service income, taxes, utilities, salaries, rent, and miscellaneous. 2. Closing entries were made at the end of November to close all temporary accounts and transfer their balances to income summary. 3. A post-closing trial balance on June 30, 2020 shows total assets of $580,701 and total liabilities and equity of $580,701, with the largest asset being cash of $309,701 and the largest liability being accounts payable of $200,000.

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    Post closing trial balance.docx

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    1. The document shows accounting records for various accounts of Hanna Collection for the month of November including cash, accounts receivable, supplies, furniture and fixtures, equipment, accounts payable, capital, drawings, service income, taxes, utilities, salaries, rent, and miscellaneous. 2. Closing entries were made at the end of November to close all temporary accounts and transfer their balances to income summary. 3. A post-closing trial balance on June 30, 2020 shows total assets of $580,701 and total liabilities and equity of $580,701, with the largest asset being cash of $309,701 and the largest liability being accounts payable of $200,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    7 views4 pages

    Post Closing Trial Balance

    Uploaded by

    Jepherson Benson
    1. The document shows accounting records for various accounts of Hanna Collection for the month of November including cash, accounts receivable, supplies, furniture and fixtures, equipment, accounts payable, capital, drawings, service income, taxes, utilities, salaries, rent, and miscellaneous. 2. Closing entries were made at the end of November to close all temporary accounts and transfer their balances to income summary. 3. A post-closing trial balance on June 30, 2020 shows total assets of $580,701 and total liabilities and equity of $580,701, with the largest asset being cash of $309,701 and the largest liability being accounts payable of $200,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 4

    Cash Account no.

    110
    Date Description PR Dr. Cr. Balance
    Nov. 1 300000 300000
    3 54000 246000
    3 5000 241000
    5 250000 9000
    6 20000 29000
    8 200000 229000
    9 100000 129000
    9 5000 124000
    18 100000 224000
    19 15000 209000
    19 3500 212500
    21 45000 257500
    23 62500 195000
    24 15000 180000
    25 150000 330000
    28 9700 339700
    30 4350 335350
    30 4000 331350
    30 10000 321350

    Accounts Receivable Account no. 112


    Date Description PR Dr. Cr. Balance
    Nov. 19 3250 3250
    22 3250 6500

    Supplies Account no. 113


    Date Description PR Dr. Cr. Balance
    Nov. 5 250000 250000
    9 100000 350000
    23 125000 475000
    24 15000 490000

    Furnitures and Fixtures Account no. 114


    Date Description PR Dr. Cr. Balance
    Nov. 1 40000 40000

    Equipment Account no. 115


    Date Description PR Dr. Cr. Balance
    Nov. 5000 5000

    Accounts Payable Account no. 210


    Date Description PR Dr. Cr. Balance
    Nov. 8 200000 200000
    23 62500 137500
    Warnis, Capital Account no. 310
    Date Description PR Dr. Cr. Balance
    Nov. 1 340000 340000
    235850 575850

    Warnis, Drawing Account no. 311


    Date Description PR Dr. Cr. Balance
    Nov. 19 15000 15000
    15000 0

    Service Income Account no. 410


    Date Description PR Dr. Cr. Balance
    Nov. 6 20000 20000
    18 100000 120000
    21 45000 165000
    22 3500 168500
    25 150000 318500
    28 9700 328200
    328200 0

    Taxes Account no. 510


    Date Description PR Dr. Cr. Balance
    Nov. 3 5000 5000
    5000 0

    Utilities Account no. 511


    Date Description PR Dr. Cr. Balance
    Nov. 30 4350 4350
    4350 0

    Salaries Account no. 512


    Date Description PR Dr. Cr. Balance
    Nov. 30 10000 10000
    10000 0

    Rent Account no. 513


    Date Description PR Dr. Cr. Balance
    Nov. 3 54000 54000
    54000 0
    Miscellaneous Account no. 514
    Date Description PR Dr. Cr. Balance
    Nov. 30 4000 4000
    4000 0

    CLOSING ENTRIES

    Service Income 200000


    Income Summary 200000

    Income Summary 64299


    Taxes 5000
    Utilities 4299
    Salaries 12000
    Rent 36000
    Miscellaneous 7000

    Income Summary 5000


    Ms. Hanna, Drawing 5000

    Income Summary 130701 130701


    Ms. Hanna, Capital

    Income Summary
    Date Description PR Dr. Cr. Balance
    June 30 200000 200000
    64299 35701
    5000 130701
    130701 0
    HANNA COLLECTION
    Post-Closing Trial Balance
    June 30, 2020

    Cash P 309,701.00
    Accounts Receivable 0
    Supplies 235,000.00
    Furniture and Fixtures 15,000.00
    Equipment 21,000.00
    Accounts Payable P 200,000.00
    Ms. Hanna, Capital 380,701.00
    TOTAL P 580,701.00 P 580,701.00

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