Plevin Company ended its fiscal year on July 31, 2014. The companys adjusted trial balance as of
Question:
Plevin Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is shown below.
Instructions
(a) Prepare the closing entries using page J15.
(b) Post to Owner’s Capital and No. 350 Income Summary accounts. (Use the three-column form.)
(c) Prepare a post-closing trial balance at July31.
PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 Account Titles Debit Credit 0 101 112 Accounts Receivable 157 Equipment Cash 9,840 8,780 15,900 7,400 4,220 1,800 45,200 158 Accumulated Depreciation-Equip 201 208 301 Accounts Payable Unearned Rent Revenue Owner's Capital 306 Owner's Drawings 16,000 400 429 Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense 64,000 6,500 726 732 8,000 55,700 14,900 $129,120 $129,120
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
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald 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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