Turner Company ended its fiscal year on July 31, 2012. The company's adjusted trial balance as of
Question:
Turner Company ended its fiscal year on July 31, 2012. The company's adjusted trial balance as of the end of its fiscal year is as 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.
TURNER COMPANY Adjusted Trial Balance July 31, 2012 No. Account Titles Debits Credits 101 Cash $ 9.840 112 Accounts Receivable 8,780 157 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue 15,900 167 $ 7.400 201 4,220 208 1,800 Owner's Capital Owner's Drawings 301 45,200 306 16.000 404 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense Salaries and Wages Expense Utilities Expense 8.000 720 55.700 732 14.900 $129.120 $129,120
Step by Step Answer:
a General Journal J15 Date Account Titles Ref Debit Credit July 31 Service Revenue 404 64000 Rent Re...View the full answer
Accounting Principles
ISBN: 978-0470534793
10th 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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