Okabe Company ended its fiscal year on July 31, 2017. The companys adjusted trial balance as of
Question:
Instructions
(a) Prepare the closing entries using page J15.
(b) Post to Owners Capital and No. 350 Income Summary accounts. (Use the three-column form.)
(c) Prepare a post-closing trial balance at July31.
Transcribed Image Text:
OKABE COMPANY Adjusted Trial Balance July 31, 2017 Account Titles Debit Credit No. 101 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation Equip. 201 208 Unearned Rent Revenue 301 306 Cash 9,840 $ 7,400 Accounts Payable 4,220 45,200 64,000 Owner's Drawings 16,000 429 Rent Revenue 6,500 711Depreciation Expense 726 Salaries and Wages Expense Utilities Expense 8,000 55,700 4,900 732 $129,120 129,120
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a General Journal J15 Date Account Titles Ref Debit Credit July 31 Service Revenue 400 64000 Rent Re...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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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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