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14 September, 01:26

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.

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Answers (1)
  1. 14 September, 01:37
    0
    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
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