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 > Accounting Posted 30 Jul 2017 My Price 11.00

Regis Corporation

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 simplifi ed list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2008.

Accounts Payable

$ 70

Income Tax Expense

$ 54

Accounts Receivable

38

Interest Expense

36

Accrued Liabilities

208

Inventories

212

Accumulated Depreciation

586

Long-term Liabilities

982

Cash

128

Other Current Assets

67

Contributed Capital

247

Other Long-lived Assets

1,309

Cost of Operations

1,690

Property, Plant, and Equipment

1,068

Depreciation Expense

131

Retained Earnings

644

General and

 

Rent Expense

406

Administrative Expenses

337

Salon Revenue

2,739

Required:

1. Prepare an adjusted trial balance at June 30, 2008. Is the Retained Earnings balance of $644 the amount that would be reported on the balance sheet as of June 30, 2008?

2. Prepare the closing entry required at June 30, 2008.

3. Prepare a post-closing trial balance at June 30, 2008.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 01:07 PM My Price 11.00

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