Post-close T-Accounts

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Post-close T-Accounts

Beginning balances (bb) on these T-accounts are the 12/31/21 unadjusted balances. **See instructions #6 as you initially work on posting your closing entries here to this tab**
Hint: If there is no beginning balance (bb), it is a new account.
Cash Accounts receivable Inventory Purchases Prepaid insurance Land
bb 442,736 bb 300,000 bb – bb 350,000 bb 4,167 bb 88,000
442,736 300,000 – 350,000 4,167 88,000
Delivery Trucks Investment in XYZ Company Stock Allowance for doubtful accounts Allowance to Reduce Inventory to NRV Bonds Payable Premium on Bonds Payable Unrealized Holding Losses/Gains on Trading Securities-NI
bb – bb 100,000 – bb – bb 1,000,000 bb 81,105 bb – bb
1,000,000
– 100,000 – – 81,105
–
Building Accumulated depreciation: building Equipment Accumulated depreciation: equipment Patent Accounts payable Accumulated depreciation: delivery trucks
bb 500,000 16,570 bb bb 260,000 108,330 bb bb 200,000 116,184 bb – bb
–
500,000 16,570 260,000 108,330 200,000 116,184 –
Notes payable Income taxes payable Unearned rent revenue Common stock Retained earnings Dividends PIC In Excess of Par-Common Stock
100,000 bb 47,667 bb 15,000 bb 125,000 bb – bb bb 28,000 40,000 bb
100,000
47,667 15,000 125,000 – 28,000 40,000
Sales Revenue Advertising expense Wages expense Office expense Depreciation expense Utilities expense Treasury stock
1,050,491 bb bb 9,240 bb 62,150 bb 54,083 bb 124,900 bb 33,571 bb 50,000
1,050,491 9,240 62,150 54,083 124,900 33,571 50,000
These additional T-acccounts are provided for your use as necessary when making the adjusting entries. Be sure to insert sum formulas as needed depending on nature of account. You can use the sum formulas as supplied on existing T-accounts above.
Insurance expense Income taxes expense Rent revenue earned Wages payable Interest expense Interest payable PIC-Treasury Stock
bb 45,833 bb 47,667
45,833 47,667 – – – – –
Cost of goods sold Loss on Impairment Loss Due to Decline of Inventory Bad debt expense Fair Value Adjustment in XYZ Stock Loss on Exchange of Assets
– –

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