Post Closing Trial Balance Sheet

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Figure 5-1 Adjusting Journal Entries CLARK’S DESKTOP PUBLISHING SERVICES GENERAL JOURNAL Page 2 PR Dr. 514 114 5 0 0 00 31 Rent Expense Prepaid Rent Rent expired 515 115 4 0 0 00 31 Amortization Expense, DTP Equipment Accumulated Amortization, DTP Equipment Estimated amortization of asset 516 122 8 0 00 31 Office Salaries Expense Salaries Payable Accrued salary to May 31 511 212 3 5 0 00 Date Account Titles and Description Adjusting Entries May 31 Office Supplies Expense Office Supplies Office Supplies used up Figure 5-2 Journalizing and Posting Adjustments from the Adjustments Section of the Worksheet Account Titles Cash Accounts Receivable Office Supplies Prepaid Rent Desktop Publishing Equipment Accounts Payable Brenda Clark, Capital Brenda Clark, Withdrawals Desktop Publishing Fees Office Salaries Expense Advertising Expense Telephone Expense Office Supplies Expense Rent Expense Amortization Expense, DTP Equipment Accumulated Amortization, DTP Equipment Trial Balance Dr. Cr.. 1 00 1 00 31 Insurance Expense Prepaid Insurance Insurance expired 516 116 2 00 31 Supplies Expense Store Supplies Store Supplies used 514 114 4 00 31 Salaries Expense Salaries Payable Accrued salaries payable 512 212 3 00 2 00 4 00 THE ACCOUNTING CYCLE COMPLETED 3 00 173 PARTIAL LEDGER Before Posting After Posting Amortization Accumulated Amortization Accumulated Expense, Amortization, Expense, Amortization, Store Equipment 511 Store Equipment 122 Store Equipment 511 Store Equipment 122 4 1 4 1 Prepaid Insurance 116 3 Insurance Expense 516 Prepaid Insurance 116 3 2 Insurance Expense 516 2 Store Supplies 114 5 Supplies Expense 514 Store Supplies 114 5 4 Supplies Expense 514 4 Salaries Expense 512 8 Salaries Payable 212 Salaries Expense 512 8 3 Salaries Payable 212 3 Learning Unit 5-2 Journalizing and Posting Closing Entries: Step 8 of the Accounting Cycle To make recording of the next fiscal year’s transactions easier, a mechanical step, called closing, is taken by the accountant at Clark

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