Prepare the Post-Closing Trial Balance for Smart Touch Learning as of December 31, 2016. Enter accounts in order of assets, liabilities, and equity. Assume all accounts have normal balances. Account Balance
Accounts Receivable 1,500
Accumulated Depreciation - Furniture 100
Cash 50,980
Common Stock 40,800
Furniture 10,900
Office Supplies 290
Prepaid Insurance 900
Retained Earnings 14,670
Salaries Payable 4,400
Unearned Revenue 4,600

Follows are the solution to this question:

Explanation:

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Trail balance until closure

31st December 2016.

Account- title                                           Dr.                                     Cr.

Receivable Accounts                        1,300  

cash                                                45,710  

Furniture                                                 9,100  

Office materials                                         350  

Insurance prepayments                         1,050

Accumulated deprecciation - Furniture                                  100

payable wages                                                                        4,600

Unearned income                                                                         4,400

Common inventory                                                                     35,500

retention of profits                                                                12,910

Total                                                  57,510                       57,510

explanation:

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