Pharoah Company had the following adjusted trial balance. Pharoah Company Adjusted Trial Balance For the Month Ended

Question

Pharoah Company had the following adjusted trial balance.

Pharoah Company
Adjusted Trial Balance
For the Month Ended June 30, 2020

Adjusted Trial Balance
Account Titles

Cash

Debit – $3,820

Accounts Receivable

Debit – 4,040

Supplies

Debit – 490

Accounts Payable

Credit – $1,800

Unearned Service Revenue

Credit – 180

Owner’s Capital

Credit – 4,180

Owner’s Drawings

Debit – 770

Service Revenue

Credit – 5,990

Salaries and Wages Expense

Debit – 1,500

Miscellaneous Expense

Debit – 390

Supplies Expense

Debit – 1,700

Salaries and Wages Payable

Credit – 560

$12,710

Prepare a post-closing balance.

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Diễm Thu 3 years 2021-08-22T14:06:14+00:00 1 Answers 40 views 0

Answers ( )

    0
    2021-08-22T14:07:53+00:00

    Answer:

    The solution is given below

    Step-by-step explanation:

    The preparation of the post closing trial balance is given below

    Particulars                 Debit amount         Credit amount

    Cash                          $3,820

    Account receivable  $4,040

    Supplies                    $490

    Account payable                                         $1,800

    Unearned service revenue                         $180

    Owner capital ($4,180 + $5,990 – $1,500 – $390 – $1,700 – $770) $5,810

    Salary and wages payable                         $560

    Total                    $8,350                            $8,350

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