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Question(s) / Instruction(s):


The December 31, 2011, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2011) follows.

No          Account Title                                                                      Debit                                     Credit

101            Cash                                                                                   $50,419                                                                                

106            Accounts receivable                                                    5,568                                                                    

126            Computer supplies                                                       610                                                                        

128            Prepaid insurance                                                         1,620                                                                    

131            Prepaid rent                                                                    790                                                                        

163            Office equipment                                                         8,600                                                                    

164            Accumulated depreciation—Office equipment                                                               $430                      

167            Computer equipment                                                 23,600                                                                  

168            Accumulated depreciation—Computer equipment                                       1,475                    

201            Accounts payable                                                                                                         1,100                    

210            Wages payable                                                                                                              500                        

236            Unearned computer services revenue                                                                                1,900                    

301            S. Rey, Capital                                                                                                                 67,000                  

302            S. Rey, Withdrawals                                                     7,200                                                                    

403            Computer services revenue                                                                                     41,994                  

612            Depreciation expense—Office equipment        430                                                                        

613            Depreciation expense—Computer equipment               1,475                                                                   

623            Wages expense                                                             3,425                                                                    

637            Insurance expense                                                      540                                                                        

640            Rent expense                                                                 2,370                                                                    

652            Computer supplies expense                                    3,035                                                                    

655            Advertising expense                                                   2,578                                                                    

676            Mileage expense                                                          754                                                                        

677            Miscellaneous expenses                                           190                                                                        

684            Repairs expense—Computer                                  1,195                                                                    

901            Income summary                                                          0                                                             

                   Totals                                                                                 $114,399                              $114,399                               

Required:

1.            Record the necessary closing entries for Business Solutions. Posting of the closing entry Offline

2.            Prepare a post-closing trial balance as of December 31, 2011. (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity), Equity.

 

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