Glencoe Accounting

Chapter 20: Completing the Accounting Cycle for a Merchandising Corporation

Homework Practice

Closing Entries and Post-Closing Trial Balance

The adjusted trial balance for Lawns to Go appears below.

Instructions

Download the general journal form and the post-closing trial balance form by clicking on Accounting Forms from the Student Center.

1. Prepare the closing entries.

2. Prepare a post-closing trial balance.

Lawns to Go

Adjusted Trial Balance

December 31, 2010

Account Title

Debit

Credit

Cash in Bank

91,100

 

Accounts Receivable

4,500

 

Supplies

300

 

Equipment

12,000

 

Accounts Payable

 

5,000

Employees' Income Tax Payable

 

1,500

Capital Stock

 

25,000

Retained Earnings

 

45,000

Lawn Maintenance Revenue

 

96,000

Salaries Expense

50,500

 

Lawn Supplies Expense

9,100

 

Advertising Expense

5,000

 
 

172,500

172,500

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