Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 8.00

Volcom, Inc.

Preparing an Adjusted Trial Balance,

Closing Journal Entry, and Post-Closing Trial Balance

Building on its brand’s success in boardsports, Volcom, Inc., has become a premium designer, marketer, and distributor of clothing and accessories for young men and women. The following is a list of accounts and amounts reported for the fi scal year ended December 31, 2008. The accounts have normal debit or credit balances and the dollars are rounded to the nearest thousand.

Accounts Payable

$ 15,291

Long-term Debt

$ 531

Accounts Receivable

60,914

Other Assets

27,294

Accrued Liabilities

12,098

Other Revenue

1,288

Accumulated Depreciation

7,315

Product Cost Expense

171,208

Cash

79,613

Property and Equipment

34,031

Contributed Capital

91,768

Retained Earnings

80,226

Income Tax Expense

11,787

Sales Revenue

332,110

Inventories

27,086

Selling, General, and

 

 

 

Administrative Expenses

128,694

Required:

1. Prepare an adjusted trial balance at December 31, 2008. Is the Retained Earnings balance of $80,226 the amount that would be reported on the balance sheet as of December 31, 2008?

2. Prepare the closing entry required at December 31, 2008.

3. Prepare a post-closing trial balance at December 31, 2008.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 08:10 PM My Price 8.00

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