Phoebe Company ended its fiscal year on July 31, 2020. 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 July 31.
Transcribed Image Text:
Phoebe Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $ 9,840 101 Cash Accounts Receivable 112 8,780 15,900 157 Equipment Accumulated Depreciation-Equip. Accounts Payable $ 7,400 158 4,220 201 208 Unearned Rent Revenue 1,800 Owner's Capital Owner's Drawings 301 45,200 306 16,000 64,000 400 Service Revenue 429 Rent Revenue 6,500 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 711 726 55,700 732 14,900 $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: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. 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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