Glencoe Accounting

Chapter 10: Completing the Accounting Cycle for a Sole Proprietorship

Homework Practice

Preparing a Post-Closing Trial Balance

Instructions

Based on the account balances shown below, prepare a post-closing trial balance. Download the post-closing trial balance form by clicking on Accounting Forms from the Student Center.

Big Apple Company

Account Balances

December 31, 2010

Cash in Bank

$ 6,850

Accounts Receivable

3,000

Supplies

200

Equipment

5,500

Accounts Payable

1,700

Philip Apple, Capital

14,000

Philip Apple, Withdrawals

1,800

Consulting Fees Revenue

5,000

Rent Expense

1,600

Utilities Expense

950

Maintenance Expense

800

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