For each account listed, identify whether the account would be included on a post-closing trial balance. Signify either Yes (Y) or No (N). a. Office Supplies b. Interest Expense c. Retained Earnings d. Dividends e. Service Revenue f. Accumulated Depreciation—Furniture g. Rent Expense h. Unearned Revenue i. Accounts Payable
Office supplies, retained earnings, accumulated depreciation- furniture, unearned revenue, and accounts payable are the permanent accounts that are not closed at the end of the year. Hence, they are reported in the post-closing trial balance.
Interest expense, dividends, service revenue, and rent expense are temporary accounts closed at the end of the year, hence not reported in the post-closing trial balance.
Brett Teddy Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $21,900; Salaries Expense, $6,000; Rent Expense, $4,400; Advertising Expense, $3,100; and Dividends, $6,900. Journalize the closing entries for Teddy Enterprises.
The steps of the accounting cycle are presented below. Identify the correct order of the steps.
a. Journalize and post the closing entries.
b. Start with the beginning account balances.
c. Prepare the financial statements.
d. Compute the unadjusted balance in each account, and prepare the unadjusted trial balance.
e. Journalize and post adjusting entries.
f. Enter the unadjusted trial balance on the worksheet, and complete the worksheet (optional).
g. Prepare the adjusted trial balance.
h. Analyze and journalize transactions as they occur.
i. Post journal entries to the accounts.
j. Prepare the post-closing trial balance.
94% of StudySmarter users get better grades.Sign up for free