QQuestionAccounting
QuestionAccounting
record the entry to close the revenue accounts, the expense accounts, and and dividends account. then prepare a post closing trial balance
# Problem 3 - 6B (Algo) Record closing entries and prepare a post-closing trial balance (LO^3 - 6, 3 - 7)
The year-end financial statements of Gold Hunter Financial Services are provided below:
| 2010 INWTO | | | | |
| --- | --- | --- | --- | --- |
| Income (income) | | | | |
| 500,000 | | | | |
| Expenses: | | | | |
| Salaries | | | | |
| 0,000 | | | | |
| 0,000 | | | | |
| 0,000 | | | | |
| 0,000 | | | | |
| 0,000 | | | | |
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Answer
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Step 1:I apologize, but the image you've uploaded appears to be incomplete or corrupted.
The financial statement details are not clearly visible. To solve the closing entries and post-closing trial balance problem, I would need the complete financial statement with:
Step 2:
Specific revenue account balances
Step 3:
Specific expense account balances
Step 4:
Dividends account balance However, I can provide a general step-by-step process for closing entries and preparing a post-closing trial balance:
Step 5:: Close Revenue Accounts
\text{Revenue Account} \quad \text{Dr} \quad \text{Income Summary Cr}
- Debit the revenue account for its full balance - Credit the Income Summary account
Step 6:: Close Expense Accounts
\text{Income Summary} \quad \text{Dr} \quad \text{Expense Accounts} \quad \text{Cr}
- Credit each expense account for its full balance - Debit the Income Summary account
Step 7:: Close Income Summary
- If Income Summary has a credit balance (net income), debit Income Summary and credit Retained Earnings - If Income Summary has a debit balance (net loss), credit Income Summary and debit Retained Earnings
Step 8:: Close Dividends Account
- Credit the Dividends account - Debit Retained Earnings
Step 9:: Prepare Post-Closing Trial Balance
- List all permanent accounts (Assets, Liabilities, Equity) - Ensure total debits equal total credits Would you like to provide the complete financial statement so I can help you with the specific problem?
Final Answer
- List all permanent accounts (Assets, Liabilities, Equity) - Ensure total debits equal total credits Would you like to provide the complete financial statement so I can help you with the specific problem?
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