Levitt Company prepared the following adjusted trial balance at the end of its fiscal year:
Required:a)Draw T-accounts for all of the accounts that will be affected by the closing entries and insert the existing account balance in each of those accounts.b)Enter the closing entries in the T-accounts.c)Prepare a post-closing trial balance.

Question

Levitt Company prepared the following adjusted trial balance at the end of its fiscal year:
  Required:a)Draw T-accounts for all of the accounts that will be affected by the closing entries and insert the existing account balance in each of those accounts.b)Enter the closing entries in the T-accounts.c)Prepare a post-closing trial balance.

Quizplus · Accepted Answer

The Answer of Levitt Company prepared the following adjusted trial balance at the end of its fiscal year:
  Required:a)Draw T-accounts for all of the accounts that will be affected by the closing entries and insert the existing account balance in each of those accounts.b)Enter the closing entries in the T-accounts.c)Prepare a post-closing trial balance.

Levitt Company Prepared the Following Adjusted Trial Balance at the End