Question: 1. Prepare the closing entries 2. Post to the Retained Earnings and Income Summary accounts. 3. Prepare a post-closing trial balance at July 31. Practice

1. Prepare the closing entries 2. Post to the Retained Earnings

1. Prepare the closing entries

2. Post to the Retained Earnings and Income Summary accounts.

3. Prepare a post-closing trial balance at July 31.

Practice Exercise 1 Plevin Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below Plevin Company Adjusted Trial Balance July 31, 2019 Debit No 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Account Titles Credit $9,840 8,780 15,900 $7,400 4,220 1,800 20,000 25,200 16,000 64,000 6,500 8,000 55,700 14,900 $129,120 $129,120

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A given stock is currently priced at $100. Historically, its annual return has been 12 percent with a standard deviation of 15 percent. Build a spreadsheet simulation model for the stock price, using...

Tony has decided to end the Precision Computer Centre's first year as of July 31, 20XX, and has prepared the following: 1. Journalize the closing entries. 2. Post the closing entries to the ledger....

Wk. 5 - Apply: Exercise i Seved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: points ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid...

Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance...

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT ACCOUNT BALANCE 63,880 35,668 8,98 23, 380 181,88e 11 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid...

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated...

The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $14,000 of common stock for cash. Recognized $214,000 of service revenue earned on account. Collected...

please answer all Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previcus part. Enter negative dmounts using either a...

Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding...

If the question is to blurry 1. prepare 4 closing Entries 2. post a post-closing trial balance Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2, 3, 4 CHECK FIGURE:...

Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $23,000...

Find the industry ranking in the music business. Who are the largest three companies in the music industry? What database did you use? Provide a financial comparison of these three companies.

A wafer of titanium dioxide (1 = 173) of area 1.00 cm2 has a thickness of 0.100 mm. Aluminum is evaporated on the parallel faces to form a parallel-plate capacitor. (a) Calculate the capacitance. (b)...

Determine the specific codification for accounting for the following Unrealized holdings

the loss of markets in the former Soviet bloc, with its collapse, but evidence that this may still be a key factor in the positioning of some companies;

a change in management, with managers of former DDR enterprises still often the same people who operated under the old system, but perhaps then in more junior positions. Somes managers have been...

a replacement of pecuniary motivation by social-ideological commitment.