1. Ran Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year,

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1 Ran Ltd Reports The Following Adjusted Account Balances Shown In Alphabetical Order At The End Of Its Fiscal Year 1 (57.29 KiB) Viewed 77 times

1. Ran Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2018. Accounts Payable $ Accounts Receivable $ Accumulated Depreciation - Equipment $ Bank Loan Payable, due 2021 $ Cash $ Common Shares $ Depreciation Expense $ Dividends declared $ Equipment $ Income Tax Expense $ Income Tax Payable $ Insurance Expense $ 2,800 Interest Expense 18,225 Interest Payable 5,905 Prepaid Insurance 25,000 Rent Expense 11,430 Rent Payable 5,000 Retained Earnings 2,275 Salaries Expense 600 Salaries Payable 25,600 Service Revenue 2,000 Supplies 1,500 Supplies Expense 1,100 Unearned Revenue Ꮎ Ꮎ Ꮎ Ꮎ Ꮎ Ꮎ Ꮎ $ $ $ $ $ $ $ $ $ $ $ $ 1,500 1,500 3,450 15,000 1,250 5,400 19,200 2,200 54,275 3,400 1,750 700 Instructions: a) Prepare an adjusted Trial Balance in good form. b) Prepare the closing journal entries on August 31. c) Prepare a post-closing Trial Balance in good form.