Question Details

The trial balances of Barola Company 


The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company.
		Trial Balances	
	Unadjusted	Adjusted	Post-Closing
Accounts Payable	$10,000	$10,000	$10,000
Accounts Receivable	2,200	3,200	3,200
Accumulated Depreciation	13,000	17,000	17,000
Advertising Expense	0	16,300	0
Cash	60,000	60,000	60,000
Depreciation Expense	0	4,000	0
Dividends	11,000	11,000	0
Equipment	75,000	75,000	75,000
Prepaid Advertising	17,800	1,500	1,500
Prepaid Rent	15,000	11,000	11,000
Retained Earnings	52,200	52,200	72,400
Rent Expense	0	4,000	0
Service Revenue	96,000	105,000	0
Share Capital-Ordinary	30,000	30,000	30,000
Supplies	3,200	700	700
Supplies Expense	2,000	4,500	0
Unearned Revenue	23,000	15,000	15,000
Wages Expense	38,000	45,000	0
Wages Payable	0	7,000	7,000





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