The adjusted trial balance for Sheridan Company is presented below.
The adjusted trial balance for Sheridan Company is presented below.
| SHERIDAN COMPANY Adjusted Trial Balance August 31, 2021 | |||
| Account Titles | Debit | Credit | |
| Cash | $10,400 | ||
| Accounts receivable | 5,400 | ||
| Equipment | 9,800 | ||
| Accumulated depreciation—equipment | $4,800 | ||
| Accounts payable | 2,300 | ||
| Unearned revenue | 1,300 | ||
| S. Strong, capital | 36,300 | ||
| S. Strong, drawings | 11,900 | ||
| Service revenue | 37,600 | ||
| Rent revenue | 6,600 | ||
| Depreciation expense | 3,300 | ||
| Salaries expense | 38,300 | ||
| Utilities expense | 9,800 | ||
| $88,900 | $88,900 | ||
Create the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
| Date | Account Titles and Explanation | Debit | Credit |
| Aug. 31 | |||
| (To close revenue accounts) | |||
| Aug. 31 | |||
| (To close expense accounts) | |||
| Aug. 31 | |||
| (To close income summary) | |||
| Aug. 31 | |||
| (To close drawings account) |
Make T accounts for the accounts affected by the closing entries. Post the closing entries. (Post entries in the order of journal entries presented in the previous part.)
| Income Summary | |||
| S. Strong, Capital | |||
| S. Strong, Drawings | |||
| Service Revenue | |||
| Depreciation Expense | |||
| Salaries Expense | |||
| Utilities Expense | |||
Produce a post-closing trial balance at August 31, 2021. (List only those accounts that have an ending balance.)
| SHERIDAN COMPANY Post-Closing Trial Balance August 31, 2021 For the Year Ended August 31, 2021 For the Month Ended August 31, 2021 | ||
| Debit | Credit | |
| Total | ||
