Prepare a post close trial balance Jan 1. A group of investors provide $50,000 to IcanDoThis Inc. in exchange for Common Stock.Jan 2 IcanDoThis Inc. Pays $4,500 for January, February, and March rent.Jan. 3 IcanDoThis Inc. purchases $5,000 of equipment and pays half with cash and the rest on account.Jan. 4 IcanDoThis Inc. purchases $10,000 of inventory on credit.Jan 8 IcanDoThis Inc. sells inventory to customers for $9,000. The cost of the inventory is $3,000.Jan 12 IcanDoThis Inc. sells inventory to customers for $6,000. The cost of the inventory is $2,000. The customerIcanDoThis Inc. next week.Jan 15 IcanDoThis Inc. purchases supplies on account for $2,500. The supplies will be used over the next 3 month:Jan 20 IcanDoThis Inc. receives $6,000 cash from the Jan. 12th sale.Jan 22 IcanDoThis Inc. pays $2,500 for the supplies purchased on Jan 15.Jan 23 IcanDoThis Inc. A telephone bill in the amount of $117 covering Jan charges is unpaid at Jan 31Jan 24 IcanDoThis Inc. Pays wages of $500 and utilities of $250 for January.Jan 31 IcanDoThis Inc. pays dividends of $300 to the stockholders.Jan 31 IcanDoThis Inc's utility expense for January was incurred but not paid prior to Jan. 31st totaled $520.Jan 31 IcanDoThis Inc. owed their employees $1,900 in wages that will be paid on Sept 1s".Jan 31 Supplies were counted at the end of the period and there were $2,000 supplies on hand.Jan 31 The equipment purchased on January 5th has no salvage value. IcanDoThis Inc. will use it for 5 years. Roundnearest dollar. Interest is $500 per month.

Post closing trial balance is the trial balance which is prepared by making the final closing…

Answered: Prepare a post close trial balance

Business

Finance

Prepare a post close trial balance

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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