Question

The year-end adjusted trial balance included the following account balances: Cash, $5,000; Equipment, $40,000; Accounts payable, $9,000; Common stock, $24,000; Retained earnings, $8,000; Dividends, $1,000; Service revenue, $16,000; Salaries expense, $7,000; and Utilities expense, $4,000. Prepare the post-closing trial balance, assuming closing entries have been posted to the respective accounts.

Answer 1

Answer:

Explanation:

Trial balance  :

In trial balance, there are two columns namely debit columns and credit columns. The total of debit and credit columns should always be matched.  

The debit columns records assets and expenses side

whereas, the credit column record revenue, stockholder equity, and the liability side.  

The preparation of the trial balance is presented in the spreadsheet. Kindly find the attachment below: