The adjusted trial balance columns of the worksheet for Bridgeport Company are as follows.

Bridgeport Company

Worksheet (Partial)

For the Month Ended April 30, 2019

Adjusted Trial Balance

Account Titles Dr. Cr.

Cash 10,000

Accounts Receivable 8,080

Prepaid Rent 2,500

Equipment 22,700

Accumulated Depreciation-Equip. 5,500

Notes Payable 5,700

Accounts Payable 5,500

Common Stock 19,460

Retained Earnings 8,100

Dividends 3,400

Service Revenue 15,000

Salaries and Wages Expense 10,980

Rent Expense 900

Depreciation Expense 700

Interest Expense 60

Interest Payable 60

Totals 59,320 59,320

Journalize the closing entries at April 30.

Post the closing entries to Income Summary and Retained Earnings.

Prepare a post-closing trial balance at April 30.

The purpose of the post closing trial balance is to verify thtat the debit totals equal credit totals of the permananet accounts and temperoray accounts have zero balances.

Explanation:

Bridgeport Company

Closing Entries

Date Particulars Debit Credit

Apr 30 Income Summary 12,640

Common Stock 19,460

Salaries & Wages Expense 10,980

Rent Expense 900

Depreciation Expense 700

Interest Expense 60

Closing Expense Accounts to Income Summary

Service Revenue 15,000

Income Summary 15,000

Closing Revenue Accounts to Income Summary

Retained Earnings 8,100

Income Summary 8100

To close retained earnings to income summary

Retained Earnings 3400

Dividends 3400

To close dividends

Bridgeport Company

Post Closing Trial Balance

Debit Credit

Cash 10,000

Accounts Receivable 8,080

Prepaid Rent 2,500

Equipment 22,700

Accumulated Depreciation-Equip. 5,500

Common Stock 19,460

Notes Payable 5,700

Accounts Payable 5,500

Interest Payable 60

Capital / RE 7060

Total 43280 43280