Gypsy Treasures Co.
Post-Closing Trial Balance
March 31, 2012
Debit Credit
Balances Balances
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
Accounts Receivable. . . . . . . . . . . . . . . . . . . 31,000
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,500
Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000
Accumulated Depreciation—Equipment . . . . . . . .19,000
Accounts Payable . . . . . . . . . . . . . . . . . . . . . 11,000
Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Unearned Rent . . . . . . . . . . . . . . . . . . . . . .6,000
Leticia Aloni, Capital . . . . . . . . . . . . . . . . . . 92,500
177,500 81,500
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
Answer:
GYPSY TREASURES CO.
Post-Closing Trial Balance
March 31, 2012
Debit CreditBalances Balances
Cash ..............................................18,000
Accounts Receivable ...............................31,000
Supplies...........................................5,500
Equipment...........................................75,000
Accumulated Depreciation—Equipment .......................... 19,000
Accounts Payable ................................................... 11,000
Salaries Payable.......................................................1,000
Unearned Rent........................................................ 6,000
Leticia Aloni, Capital............................................... 92,500
129,500 129,500
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