Igloo Treasures Co.
Post-Closing Trial Balance
January 31, 2014
Debit
Balances
Credit
Balances
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,350
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,700
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,450
Accumulated Depreciation—Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,400
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,600
Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200
Unearned Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000
Nicole O’Brien, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,800
234,850 85,150
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
Answer:
IGLOO TREASURES CO.
Post-Closing Trial Balance
January 31, 2014
Debit
Balances
Credit
Balances
Cash 21,350
Accounts Receivable 56,700
Supplies 7,500
Equipment 74,450
Accumulated Depreciation—Equipment 12,400
Accounts Payable 29,600
Salaries Payable 3,200
Unearned Rent 11,000
Nicole O'Brien, Capital 103,800
160,000 160,000