Plevin Company ended its fiscal year on July 31, 2022. The companys adjusted trial balance as of
Question:
Plevin Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is shown as follows:
Instructions
a. Prepare the closing entries using page J15.
b. Post to the Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)
c. Prepare a post-closing trial balance at July 31.
Plevin Company Adjusted Trial Balance July 31, 2022 No. Account Debit Credit Titles Cash $ 9,840 101 112 Accounts 8,780 Receivable 157 Equipment 15,900 158 Accumulated $ 7,400 Depreciation- Equip. 201 Accounts 4,220 Payable 208 Unearned Rent 1,800
Step by Step Answer:
a General Journal J15 Date Account Titles Ref Debit Credit July 31 Service Revenue 400 64000 Rent Re...View the full answer
Financial Accounting
ISBN: 9781119594598
11th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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