Problem 2: (15 points) Ledger Account Balances for Shutterbug Photography at Dec

Question

Problem 2: (15 points) Ledger Account Balances for Shutterbug Photography at December 31, 2017 is as follows: Accounts $15,000 Accounts Receivable Prepaid Insurance Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Land Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable T. Smith, Capital T. Smith, Withdrawals Service Revenue 7,500 160,000 12,000 75,000 40,000 12,000 100,000 21,290 23,000 289,000 61,000 6,150 14,040 14,000 20,900 Salaries Expense Depreciation Expense-Building and Equipment Supplies Expense Insurance Expense Utilities Expense Using the information above, prepare a post-closing trial balance for Shutterbug Photography (dated December 31, 2017)

Explanation / Answer

Post Closing Trial balance Debit $ Credit $ Cash 15000 Accounts receivable 30000 Prepaid insurance 7500 Supplies 3200 Building 160000 Less: Accumulated dep 12000 Equipment 75000 Less: Accumulated dep 8500 Land 40000 Accounts payable 12000 Salaries payable 2000 Unearned revennue 25000 Mortgage payable 100000 T. Smith capital 171200 TOTAL 330700 330700 Note: Net income Total revenue 289000 Less: Total expense 116090 (61000+6150+14040+14000+20900) Net Income 172910 Note: Capital at end: Beginning balance of capital 21290 add: net incomer 172910 Less: Withdrawals -23000 Ending balance of capital 171200

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