Home / Questions / The adjusted trial balance for China Tea Company at December 31 2015 is presented
The adjusted trial balance for China Tea Company at December 31, 2015 is presented below:
|
|
Debit |
Credit |
|
Cash |
$ 11,000 |
|
|
Accounts Receivable |
150,000 |
|
|
Prepaid Rent |
5,000 |
|
|
Supplies |
25,000 |
|
|
Equipment |
300,000 |
|
|
Accumulated Depreciation |
|
$135,000 |
|
Accounts Payable |
|
20,000 |
|
Salaries Payable |
|
4,000 |
|
Interest Payable |
|
1,000 |
|
Notes Payable – due in two years |
|
30,000 |
|
Common Stock |
|
200,000 |
|
Retained Earnings |
|
50,000 |
|
Dividends |
20,000 |
|
|
Service Revenue |
|
400,000 |
|
Salaries Expense |
180,000 |
|
|
Advertising Expense |
70,000 |
|
|
Rent Expense |
15,000 |
|
|
Depreciation Expense |
30,000 |
|
|
Interest Expense |
2,000 |
|
|
Utilities Expense |
32,000 |
_______ |
|
Totals |
$840,000 |
$840,000 |
|
|
|
|
Prepare the closing entries for China Tea Company for the year ended December 31, 2015.
176. The year-end adjusted trial balance included the following account balances: Cash, $5,000; Equipment, $25,000; Accounts payable, $7,000; Common stock, $15,000; Retained earnings, $6,000; Dividends, $1,000; Service revenue, $18,000; Salaries expense, $9,000; and Utilities expense, $6,000. Prepare the post-closing trial balance.
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