Chapter 4: Q4TI_4 (page 201)
For each account listed, identify whether the account would appear on the post-closing trial balance. Indicate either yes or no.
19. Advertising Expense
No
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Benson Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. Compute
Benson Auto Repair’s current ratio.
Cash
Accounts Receivable 3,200 Retained Earnings 15,700
Prepaid Rent 1,900 Dividends 2,100
Office Supplies 3,000 Service Revenue 1,600
Equipment 34,800 Depreciation Expense—Equipment 300
Accumulated Depreciation—Equipment 1,600 Salaries Expense 800
Accounts Payable 5,400 Rent Expense 500
Notes Payable (long-term) 7,000 Utilities Expense 600
Supplies Expense 100
The adjusted trial balance of Boston Irrigation System at December 31, 2018, follows BOSTON IRRIGATION SYSTEM Adjusted Trial Balance December 31, 2018 0 Account Title Office Supplies Cash Debit Credit Accounts Receivable Prepaid Insurance Building Accumulated Depreciation—Building Equipment Accumulated Depreciation—Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Retained Earnings Service Revenue Insurance Expense Salaries Expense Supplies Expense Balance
Cynthia Elmer, CPA, had the following partial worksheet:
Requirements
1. Complete the worksheet.
2. Prepare the closing entries for Cynthia Elmer, CPA.
What does liquidity mean?
The unadjusted trial balance and adjustment data of Martha’s Motors at December 31, 2018, follow: Adjustment data at December 31, 2018: a. Depreciation on equipment,
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