From the Following Accounts,prepare in Proper Form a Post-Closing Trial

question 76

Essay

From the following accounts,prepare in proper form a post-closing trial balance for Matison Company on December 31.
$$\begin{array} { l r } \text { Accounts Receivable } & \$ 4,600 \\\text { Accounts Payable } & 1,290 \\\text { Cash } & 6,450 \\\text { Salaries Payable } & 1,660 \\\text { Supplies } & 500 \\\text { Prepaid Insurance } & 1,200 \\\text { Matison, Capital } & 9,800\end{array}$$

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Definitions:

Bargain Purchase Option

A provision in a leasing contract permitting the lessee to buy the leased item for a price well below the anticipated market value once the lease period concludes.

Present Value

Present value is the current worth of a future sum of money or stream of cash flows, given a specified rate of return, rephrasing the value of future money in today's terms.

Economic Life

The duration during which an asset remains useful and productive for its intended purpose.

Capital Lease

A lease classified as a financial transaction where the lessee essentially buys an asset and finances it over time.