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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 63
Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance
Regis Corporation operates hair salons under various brand names including Supercuts, Mia Maxx, and Style America. The following is a simplified list of accounts and amounts (in millions) reported in the company's accounts for the year ended June 30, 2010.
Required:
1. Prepare an adjusted trial balance at June 30, 2010. Is the Retained Earnings balance of $297 the amount that would be reported on the balance sheet as of June 30, 2010
2. Prepare the closing entry required at June 30, 2010.
3. Prepare a post-closing trial balance at June 30, 2010.
Regis Corporation operates hair salons under various brand names including Supercuts, Mia Maxx, and Style America. The following is a simplified list of accounts and amounts (in millions) reported in the company's accounts for the year ended June 30, 2010.
Required:
1. Prepare an adjusted trial balance at June 30, 2010. Is the Retained Earnings balance of $297 the amount that would be reported on the balance sheet as of June 30, 2010
2. Prepare the closing entry required at June 30, 2010.
3. Prepare a post-closing trial balance at June 30, 2010.
Explanation
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Verified
1.
The adjusted trial balance at June 30...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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