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Explain the purpose of a post-closing trial balance

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Reference no: EM13843001

Answer the following questions. Submit this portion as a Word document or Excel spreadsheet.

The following is the trial balance for Eazy Services, Inc.:

Eazy Services, Inc.
Trial Balance
For the Year Ended December 31, 201X

 

DR

CR

Cash

$50,250

 

Accounts Receivable

27,900

 

Office Equipment

45,000

 

Accounts Payable

 

42,250

Common Stock

 

60,300

Dividends

2,500

 

Retained Earnings

 

00

Sales Revenue

 

65,000

Salary Expense

33,650

 

Operating Expense

8,250

 

 

167,550

167,550

1. Prepare an Income Statement, Statement of Changes in Stockholders' Equity and a Balance Sheet.  (Assume that the company issued $60,300 of common stock on January 2, 201X.  The business started on January 2, 201X)

2. Explain the purpose of a post-closing trial balance.

Reference no: EM13843001

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