Preparing a post closing trial balance After closing its accounts at July 31, 2012, Goodrow Electric Company had the following account balances:
|
Long term liabilities |
$ 800 |
Equipment |
$ 4,500 |
|
Land |
1,200 |
Cash |
100 |
|
Accounts receivable |
1,600 |
Service revenue |
0 |
|
Total expenses |
0 |
Retained earnings |
2,000 |
|
Accounts payable |
1,100 |
Supplies |
200 |
|
Unearned service revenue |
1,400 |
Accumulated depreciation |
1,300 |
|
Common stock |
1,000 |
|
|
Requirement
1. Prepare Goodrow’s post closing trial balance at July 31, 2012.