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The use of trial balance

1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.

2. Read the required chapter(s) of the textbook.  Some answers may require you to do additional research on the Internet or in other reference sources.  Choose your sources carefully.

3. Consider the discussion and the any insights you gained from it.

4. Produce the Assignment submission in a single Microsoft Word or Open Office document.  Be sure to cite your sources, use APA style as required, check your spelling.


1. Sanchez Computer Center, continued.

 At the end of September, Tony took a complete inventory of his supplies and found the following:

  • 5 dozen ¼” screws at a cost of $8.00 a dozen
  • 2 dozen ½” screws at a cost of $5.00 a dozen
  • 2 cartons of computer inventory paper at a cost of $14 a carton
  • 3 feet of coaxial cable at a cost of $4.00 per foot

After speaking to his accountant, he found that a reasonable depreciation amount for each of his long-term assets is as follows:

  • Computer purchased July 5, 201X Depreciation $33 a month
  • Office equipment purchased July 17, 201X Depreciation $10 a month
  • Computer workstations purchased Sept. 17, 201X Depreciation $20 a month

Tony uses the straight-line method of depreciation and declares no salvage value for any of the assets. If any long-term asset is purchased in the first 15 days of the month, he will charge depreciation for the full month. If an asset is purchased on the 16th of the month, or later, he will not charge depreciation in the month it was purchased.

August and September’s rent has now expired.


Use your trial balance from the completed problem previously and the adjusting information given here to complete the worksheet for the three months ended September 30, 201X. From the worksheets, prepare the financial statements.

Tony decided to end the Sanchez Computer Center’s first year as of September 30, 201X. Following is an updated chart of accounts.

Chart of Accounts

Assets                                                    Revenue

1000 Cash                                              4000 Service Revenue

1020 Accounts Receivable                    Expenses

1025 Prepaid Rent                                 5010 Advertising Expense

1030 Supplies                                        5020 Rent Expense

1080 Computer Shop Equipment           5030 Utilities Expense

1081 Accum. Depr. C. S. Equip.            5040 Phone Expense

1090 Office Equipment                          5050 Supplies Expense

1091 Accum. Depr. Office Equip.          5060 Insurance Expense

Liabilities                                               5070       Postage Expense

2000 Accounts Payable                         5080 Depr. Exp. C. S. Equip.

Owner’s Equity                                      5090 Depr. Exp. Office Equip.

3000 T. Freedman, Capital

3010 T. Freedman, Withdrawals

3020 Income Summary

Complete the following:

a. Journalize the adjusting entries.

b. Post the adjusting entries to the ledger.

c. Journalize the closing entries.

d. Post the closing entries to the ledger.

e. Prepare a post-closing trial balance.

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