I am taking business accounting and need some extra help with it. I have to prepare a post closing trial balance, and not sure how to do it, my book doesn't explain how to do it very well.

Debits
cash 13000
shop supplies 1200
prepaid insurance 1950
equipment 48000
Ted Dunwood, withdrawls 15000
amortization expense, equipment 4000
wages expense 53500
insurance expense 700
rent expense 20800
office supplies 2600
utilities expense 1700


credits
accumulated amortization, equipment 4000
accounts payable 12000
wages payable 500
repair fees earned 77750
Ted Dunwood, capital 68200


I have to get a total of 64150 but I keep getting a way higher total and not sure why. plus the totals for credits and debits are different.
If I could just get an idea of how to do it, with out my numbers that is fine, this is just not making any sense.

CaptainForest

A Post Closing Trial Balance is a Trial Balance once you close certain accounts.

All Income Statement accounts get closed (Sales, Expenses)…
All Balance Sheet accounts do NOT get closed.

Therefore, the following accounts will be closed into your Ted Dunwood, Capital account.

wages expense 53500
insurance expense 700
rent expense 20800
office supplies 2600
utilities expense 1700
repair fees earned 77750


The expenses will be credited (so debit to capital), and revenue is debited (so credit to capital)

So changes to your capital account are:
Debit 79,300
Credit 77,750

Also, you must close your drawings account.

Therefore, the new Post Closing Trial Balance will be:


Debits
cash 13000
shop supplies 1200
prepaid insurance 1950
equipment 48000
amortization expense, equipment 4000

Total = 68,150

credits
accumulated amortization, equipment 4000
accounts payable 12000
wages payable 500
Ted Dunwood, capital 68200 + 77,750 – 79,300 – 15,000 (drawings) = 51,650

Total = 68,150


You say it should be 64,150? Did you mis type? If you didn’t, perhaps I made an error somewhere with my numbers.