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    RFinos's Avatar
    RFinos Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 6, 2013, 04:07 PM
    My post closing trial balance doesn't balance
    I have to perform adjusting entries, closing entries as well as a post-closing trial balance to the following problem. I am stuck... can someone please help? Thanks!

    Cash 4000
    Prepaid Insurance 1600
    Supplies 2100
    Equipment 20000
    Accum. Amortization Equipment 2000
    Common Shares 10000
    Retained Earnings 7000
    Revenue 33000
    Salaries Expense 18300
    Rent Expense 6000



    1. Expired insurance 600
    2. Unused Supplies, Per Inventory 800
    3. Estimated Ammortization 1000
    4. Earned but Unpaid Salries 700
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Sep 9, 2013, 07:18 AM
    What are you stuck on?

    Here are some check figures for your Debits and Credits:
    Trial Balance = 52,000
    Adjusting Entries = 3,600
    Adjusted Trial Balance = 53,700
    Income Statement 33,000
    Balance Sheet = 25,800
    Closing Entries = 33,000
    Post-Closing Balance Sheet = 25,800

    Note: For the Adjusted Trial Balance and Balance Sheet you will have a difference in Debits and Credits, which is Net Income.

    Also your closing entries will be Income Statement accounts.
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