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Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company’s accounts for the year ended June 30, 2016.
Accounts Payable $68
Accounts Receivable 57
Accumulated Amortization 38
Accumulated Depreciation—Equipment 77
Amortization Expense 19
Cash 198
Common Stock 380
Depreciation Expense 73
Equipment 680
Income Tax Expense 19
Interest Expense 38
Inventories 148
Note Payable (long-term) 154
Note Payable (short-term) 118
Office Expenses 190
Prepaid Rent 72
Rent Expense 320
Retained Earnings 620
Salaries and Wages Expense 520
Salaries and Wages Payable 158
Service Revenue 1,580
Software 730
Supplies Expense 129
Required:
1. Prepare an adjusted trial balance at June 30, 2016.
2. Prepare the closing entry required at June 30, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
3. Prepare a post-closing trial balance at June 30, 2016.
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Edwards Corporation operates hair salons under various brand names. The following is a simplified li...
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