Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings. Explain the closing entry process and prepare the closing entries in journal form based on the information
|
|
|
| POST COMPANY |
| ADJUSTED TRIAL BALANCE |
|
Debit |
Credit |
| Cash |
80,000 |
|
| Accounts Receivable |
12,000 |
|
| Prepaid Insurance |
2,000 |
|
| Equipment |
4,000 |
|
| Accumulated Depreciation |
|
100 |
| Supplies |
400 |
|
| Accounts Payable |
|
800 |
| Wages Payable |
|
200 |
| Unearned Revenue |
|
1,200 |
| Contributed Capital |
|
82,400 |
| Retained Earnings |
|
0 |
| Sales |
|
16,000 |
| Gas Expense |
200 |
|
| Supply Expense |
400 |
|
| Insurance Expense |
400 |
|
| Depreciation Expense |
100 |
|
| Wage Expense |
200 |
|
| Dividends |
1,000 |
|
|
100,700 |
100,700 |