Acc280 Financial Accounting: Appendix P - Jazzy Manufacturing (Closing Entries and Post-Closing TB)

Acc280 Financial Accounting

Appendix P (Closing Entries and Preparing a Post-Closing Trial Balance)
The adjusted trial balance at March 31, 2010 is as follows:
Jazzy Manufacturing
Adjusted Trial Balance
March 31, 2010
Debit Credit
Cash 11,400
Accounts Receivable 7,000
Prepaid Rent 2,000
Equipment 20,000
Accumulated Depreciation - Equipment 4,200
Notes Payable 5,000
Accounts Payable 4,950
Common Stock 20,000
Retained Earnings 5,800
Dividends 3,500
Service Revenue 14,500
Depreciation Expense 600
Rent Expense 500
Salaries Expense 9,450
Interest Expense 50
Interest Payable 50
Totals 54,500 54,500

Instructions
(a) Journalize the closing entries for Revenue and Expenses at March 31, 2010 on the tab labeled General Journal
(b) Post the closing entries for Revenue and Expenses to the ledger accounts on the tab labeled Ledger Accounts. (Be sure to calculate the balance in the account after each posted transaction)
(c) Journalize the closing entries for Income Summary and Dividends at March 31, 2010 on the tab labeled General Journal
(d) Post the closing entries for Income Summary and Dividends to the ledger accounts on the tab labeled Ledger Accounts (Be sure to calculate the balance in the account after each posted transaction)
(e) Prepare a post-closing trial balance at March 31, 2010 on the tab labeled Post-Closing Trial Balance.
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