Prepare a post-closing trial balance at April 30, 2008 for Goode Company.You can place summation formulas to compute totals at the end of debit and credit columns. Otherwise, you can compute totals using a calculator, then enter totals directly.
To prepare a post-closing trial balance, you need to follow a few steps:
1. Gather the general ledger account balances: Look at the general ledger accounts and collect the ending balances for each account as of April 30, 2008.
2. Exclude the temporary accounts: Temporary accounts include revenue, expense, and drawing accounts. These accounts are closed out at the end of the accounting period and their balances are transferred to the retained earnings or owner's equity account. Exclude these temporary accounts from the trial balance.
3. Prepare the trial balance: List all the remaining general ledger accounts and their balances in a trial balance format. Separate the accounts into two columns: debit and credit.
4. Compute the totals: Use formulas or a calculator to compute the total of the debit and credit columns. One way to do this is to enter a summation formula at the bottom of each column (e.g., =SUM(A1:A15) for the debit column, assuming the data is in cells A1 to A15). Alternatively, you can manually add up the balances for each column and enter the totals directly.
Here's an example of how the post-closing trial balance for Goode Company might look:
```
Debit Credit
Assets
Cash $XX,XXX
Accounts Receivable $XX,XXX
Inventory $XX,XXX
Property, Plant, and Equipment $XX,XXX
Liabilities
Accounts Payable $XX,XXX
Notes Payable $XX,XXX
Owner's Equity
Capital $XX,XXX
Retained Earnings $XX,XXX
Totals $XX,XXX $XX,XXX
```
Remember, the actual numbers and account names will depend on the company's specific financial information.
To prepare a post-closing trial balance for Goode Company at April 30, 2008, follow these steps:
1. Gather all the required information, including the general ledger account balances after the closing entries have been made.
2. Create a table with the following columns: Account Name, Debit Balance, and Credit Balance.
3. List all the account names in the Account Name column.
4. Enter the debit balance of each account in the Debit Balance column.
5. Enter the credit balance of each account in the Credit Balance column.
6. Calculate the total of the Debit Balance column by adding all the debit balances. Similarly, calculate the total of the Credit Balance column by adding all the credit balances.
Note: If you are using a spreadsheet application like Excel, you can use the SUM formula to automatically calculate the totals.
Here is an example of what the post-closing trial balance might look like for Goode Company at April 30, 2008:
| Account Name | Debit Balance | Credit Balance |
|--------------------|---------------|----------------|
| Cash | $5,000 | |
| Accounts Receivable| $2,500 | |
| Inventory | $10,000 | |
| Equipment | $25,000 | |
| Accumulated Depreciation | | $5,000 |
| Accounts Payable | | $3,000 |
| Owner's Capital | | $30,000 |
| Revenue | | $15,000 |
| Expenses | $7,500 | |
|--------------------|---------------|----------------|
| Totals: | $50,000 | $50,000 |
Make sure to update the account balances based on your specific information for Goode Company.