Accounting

Anonymous
timer Asked: Apr 1st, 2016

Question description

1. Prepare adjusting entries. 

 2. Prepare closing entries. 

 3. Prepare a post-closing trial balance. 


The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows: 

LARGE COMPANY, INC. Trial Balance December 31, 2007 

DEBIT CREDIT

 Cash $4,000 

Prepaid Insurance 1,600 

Supplies 2,100 

Equipment 20,000 

Accumulated Depreciation, Equip $2,000 

C. Large, Capital 19,000 

C. Large, Withdrawals 2,000 

Revenue 33,000 

Salaries Expense 18,300 

Rent Expense 6,000 

Totals $54,000 $54,000

Additional information:

 1. Expired insurance: $600

 2. Unused supplies per inventory: $800 

3. Estimated depreciation: $1,000

 4. Earned but unpaid salaries: $700

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