The following is a list of accounts and their balances (all normal balances) as of July...

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The following is a list of accounts and their balances (all normal balances) as of July 31, 2022 for Ling Chan Inc. All adjusting entries have been prepared and posted. Note that the list is in random order. Cash $35,300 ...... Utilities expense. 800 ...Accounts receivable.. 16,000 ...... Prepaid insurance.. 5,000 Service revenue.. 1 HOM 24,600 Supplies. SALLE 1,500 ...... Rent expense.... 3,600 Accumulated depreciation-Equipment. Accounts payable. ....Deferred revenue... ...... Common shares. Retained earnings.... Dividends declared. Equipment... Salaries expense Depreciation expense. Instructions Prepare the closing journal entries required. 3,200 11,000 9,800 27,000 17,000 1,000 20,000 8,200 1,200. The following is a list of accounts and their balances (all normal balances) as of July 31, 2022 for Ling Chan Inc. All adjusting entries have been prepared and posted. Note that the list is in random order. Cash $35,300 ...... Utilities expense. 800 ...Accounts receivable.. 16,000 ...... Prepaid insurance.. 5,000 Service revenue.. 1 HOM 24,600 Supplies. SALLE 1,500 ...... Rent expense.... 3,600 Accumulated depreciation-Equipment. Accounts payable. ....Deferred revenue... ...... Common shares. Retained earnings.... Dividends declared. Equipment... Salaries expense Depreciation expense. Instructions Prepare the closing journal entries required. 3,200 11,000 9,800 27,000 17,000 1,000 20,000 8,200 1,200.

Answer rating: 100% (QA)

Date Accounts Debits Credits Jul31 Service Revenue 24600 Income Summary 24600 To record transfer o... View the full answer