Acquired $51,000 cash from the issue of common stock. Paid $13,600 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $104,000. Incurred operating expenses on account of $43,000. Collected $79,500 cash from accounts receivable. Paid $37,000 cash for salary expense. Paid $34,400 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event 2.) Recorded $5,600 of accrued salaries at the end of Year 1. Events for Year 2 Paid $5,600 cash for the salaries accrued at the end of the prior accounting period. Performed services for cash of $53,000. Purchased $4,400 of supplies on account. Paid $15,300 cash in advance for rent. The payment was for one year beginning April 1, Year 2. Performed services for customers on account for $120,000. Incurred operating expenses on account of $57,500. Collected $105,000 cash from accounts receivable. Paid $55,000 cash as a partial payment on accounts payable. Paid $33,100 cash for salary expense. Paid a $13,000 cash dividend to stockholders. Adjusting Entries Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) Recorded supplies expense. A physical count showed that $700 of supplies were still on hand. Problem 13-34A Part f f. Prepare a post-closing trial balance for December 31, Year 1.

Post-Closing Trial Balance for December 31, Year 1:

                                                     Debit                    Credit

Common Stock                                                       $51,000

Cash                                         $45,500

Rent Prepaid                              $3,400

Accounts Receivable              $24,500

Accounts Payable                                                    $8,600

Salaries Payable                                                      $5,600

Retained Earnings                                                   $8,200

Total                                       $73,400                 $73,400

Explanation:

a) A post-closing trial balance lists balance sheet accounts containing positive balances for a financial reporting period.  It agrees the total of all debit and credit balances.  It includes the result from Income Statement.

b) The preparation of a trial balance may be pre-closing or post-closing.  A pre-closing trial balance includes balances of both temporary and permanent accounts, and a post-closing trial balance excludes the temporary account includes the company's closing entries.

c) Cash Account:

                                         Debit      Credit     Balance

Common Stock           $51,000                      $51,000

Rent                                               $13,600    $37,400

Accounts Receivable  $79,500                     $116,900

Salaries Expense                         $37,000     $79,900

Accounts Payable                        $34,400     $45,500

d) Accounts Receivable

                                   Debit      Credit     Balance

Service Revenue     $104,000                 $104,000

Cash                                         $79,500   $24,500

e) Accounts Payable

                                        Debit        Credit       Balance

Operating Expense                         $43,000  $43,000

Cash                               $34,400                      $8,600

f) Salaries Payable

                                      Debit        Credit       Balance

Salaries Expense                          $5,600      $5,600

g) Rent Prepaid

                                      Debit        Credit       Balance

Cash                          $13,600                         $13,600

Rent Expense                              $10,200       $3,400

h) Income Statement

Service Revenue              $104,000

less Operating Exp              43,000

Gross Profit                           61,000

less Expenses:

Rent                                      10,200

Salaries ($37,000 + 5,600) 42,600

Net Income                          $8,200

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