Assignment 3
1. Post to Retained Earnings and Income Summary Accounts
2. Prepare Post-Closing Entry Trial Balance
3. Prepare Income Statement at July 31.
4. Prepare Statement of Retained Earnings at July 31.
5. Prepare a Classified Statement of Financial Position at July 31.
The company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows:
Journalize and post closing entries, and prepare a post-closing trial balance
CBA CORP
Adjusted Trial Balance July 31, 2020
No. Account Titles Debit Credit
101 Cash NT$ 9,840
112 Accounts Receivable 8,780
157 Equipment 15,900
158 Accumulated Depreciation - Equipment NT$ 7,400
201 Accounts Payable 4,220
208 Unearned Rent Revenue 1,800
311 Share Capital - Ordinary 20,000
320 Retained Earnings 25,000
332 Dividends 16,000
400 Service Revenue 64,000
429 Rent Revenue 6,500
700 Depreciation Expense 8,000
726 Salaries and Wages Expense 55,700
732 Utilities Expense 14,900
NT$129,120 NT$129,120
Instructions:
a. Prepare the closing entries.
b. Post to Retained Earnings and Income Summary accounts.
c. Prepare a post-closing trial balance at July 31.