From the following Company T adjusted trial balance, prepare the following:

D. Closing journal entries

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

Perform the following steps for Tides Tea Company: b. Prepare an adjusted trial balance as of December 31 .

Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}22,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}4,000}\\ \text{Fixed Assets}&\text{\hspace{10pt}44,000}\\ \text{Notes Payable}&&\text{\$\hspace{5pt}40,000}\\ \text{Common Stock}&&\text{\hspace{10pt}25,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}48,350}\\ \text{Dividends}&\text{\hspace{10pt}22,000}\\ \text{Sales Revenue}&&\text{\hspace{5pt}150,000}\\ \text{Automobile Expense}&\text{\hspace{10pt}26,500}\\ \text{Insurance Expense}&\text{\hspace{10pt}20,000}\\ \text{Salaries Expense}&\text{\hspace{5pt}122,500}\\ \text{Supplies Expense}&\underline{\text{\hspace{15pt}1,450}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}263,350}}}&\underline{\underline{\text{\$\hspace{1pt}263,350}}}\\ \end{array}$$

Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{10pt}8,625}\\ \text{Accounts Receivable}&\text{\hspace{10pt}11,600}\\ \text{Accounts Payable}&&\text{\$\hspace{10pt}8,450}\\ \text{Unearned Revenue}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}10,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}12,275}\\ \text{Dividends}&\text{\hspace{15pt}2,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}97,500}\\ \text{Advertising Expense}&\text{\hspace{15pt}2,500}\\ \text{Rent Expense}&\text{\hspace{10pt}18,000}\\ \text{Utilities Expense}&\text{\hspace{10pt}12,000}\\ \text{Wages Expense}&\underline{\text{\hspace{10pt}75,000}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}129,725}}}&\underline{\underline{\text{\$\hspace{1pt}129,725}}}\\ \end{array}$$

Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}75,500}\\ \text{Accounts Receivable}&\text{\hspace{10pt}15,500}\\ \text{Accounts Payable}&&\text{\$\hspace{10pt}4,000}\\ \text{Unearned Revenue}&&\text{\hspace{15pt}6,000}\\ \text{Common Stock}&&\text{\hspace{10pt}20,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}12,500}\\ \text{Dividends}&\text{\hspace{10pt}30,000}\\ \text{Service Revenue}&&\text{\hspace{5pt}355,000}\\ \text{Advertising Expense}&\text{\hspace{10pt}30,000}\\ \text{Rent Expense}&\text{\hspace{10pt}36,000}\\ \text{Utilities Expense}&\text{\hspace{15pt}9,500}\\ \text{Wages Expense}&\underline{\text{\hspace{5pt}201,000}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}397,500}}}&\underline{\underline{\text{\$\hspace{1pt}397,500}}}\\ \end{array}$$

Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}22,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}4,000}\\ \text{Fixed Assets}&\text{\hspace{10pt}44,000}\\ \text{Notes Payable}&&\text{\$\hspace{5pt}40,000}\\ \text{Common Stock}&&\text{\hspace{10pt}25,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}48,350}\\ \text{Dividends}&\text{\hspace{10pt}22,000}\\ \text{Sales Revenue}&&\text{\hspace{5pt}150,000}\\ \text{Automobile Expense}&\text{\hspace{10pt}26,500}\\ \text{Insurance Expense}&\text{\hspace{10pt}20,000}\\ \text{Salaries Expense}&\text{\hspace{5pt}122,500}\\ \text{Supplies Expense}&\underline{\text{\hspace{15pt}1,450}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}263,350}}}&\underline{\underline{\text{\$\hspace{1pt}263,350}}}\\ \end{array}$$

Prepare an adjusted trial balance.

The adjusted trial balance is used to prepare what?

how to prepare an adjusted trial balance

Using the same problem, prepare an adjusted trial balance.

Using the following Balance Sheet summary information, for the two years presented calculate:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Current assets}&\text{\$\hspace{1pt}101,600}&\text{\$\hspace{1pt}97,350}\\ \text{Current liabilities}&\text{\hspace{10pt}33,650}&\text{\hspace{5pt}32,800}\\ \end{array}$$

Using the following Balance Sheet summary information, for the two years presented calculate:

A. working capital

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Current assets}&\text{\$\hspace{1pt}101,600}&\text{\$\hspace{1pt}97,350}\\ \text{Current liabilities}&\text{\hspace{10pt}33,650}&\text{\hspace{5pt}32,800}\\ \end{array}$$

Using the following Balance Sheet summary information, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Current assets}&\text{\$\hspace{1pt}366,500}&\text{\$\hspace{1pt}132,000}\\ \text{Current liabilities}&\text{\hspace{5pt}120,000}&\text{\hspace{5pt}141,500}\\ \end{array}$$

Using the following Balance Sheet summary information, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{Company P}&\textbf{Company Q}\\[5pt] \text{Current assets}&\text{\$\hspace{1pt}88,500}&\text{\$\hspace{1pt}39,000}\\ \text{Current liabilities}&\text{\hspace{5pt}67,430}&\text{\hspace{5pt}18,800}\\ \end{array}$$