Preparing a post-closing trial balance After closing its accounts at July 31, 2012, Goodrow Electric Company had the following account balances:
|
Long-term liabilities
|
$ 800
|
Equipment
|
$ 4,500
|
|
Land
|
1,200
|
Cash
|
100
|
|
Accounts receivable
|
1,600
|
Service revenue
|
0
|
|
Total expenses
|
0
|
Retained earnings
|
2,000
|
|
Accounts payable
|
1,100
|
Supplies
|
200
|
|
Unearned service revenue
|
1,400
|
Accumulated depreciation
|
1,300
|
|
Common stock
|
1,000
|
|
|
Requirement
1. Prepare Goodrow's post-closing trial balance at July 31, 2012.