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Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries: Novelty...

Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries:

Novelty Toys, Inc.
Trial Balance
December 31
Cash $ 7,750
Accounts Receivable 6,375
Office Equipment 11,250
Accumulated Depreciation $ 3,000
Accounts Payable 3,875
Capital Stock 11,250
Retained Earnings -0-
Dividends 3,750
Fees Earned 22,750
Salaries Expense 8,000
Advertising Expense 1,625
Depreciation Expense 2,125
$ 40,875 $ 40,875



The total debits in the After-Closing Trial Balance will equal:

Select one:

a. $25,375.

b. $29,125.

c. $40,875.

d. $18,125.

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Answer #1

Ans: Option a) $25,375.00

Post-closing trial balance - This is prepared after closing entries are made. Its purpose is to test the equality between debits and credits after closing entries are prepared and posted. The post-closing trial balance contains real accounts only since all nominal accounts have already been closed at this stage.

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