Apachi Company ended its fiscal year on July 31, 2010. The company??s adjusted trial balance as of
Question:
Apachi Company ended its fiscal year on July 31, 2010. The company??s adjusted trial balance as of the end of its fiscal year is as shown at the top of page 182.
Instructions(a) Prepare the closing entries using page J15.(b) Post to B. J. Apachi, Capital and No. 350 Income Summary accounts. (Use the three-column form.)(c) Prepare a post-closing trial balance at July31.
APACHI COMPANY Adjusted Trial Balance July 31, 2010 Debits Credits No. Account Titles $ 14,840 8,780 15,900 Cash 101 112 Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Unearned Rent Revenue 157 $ 7.400 167 201 4.220 208 1.800 45.200 301 B.J. Apachi, Capital B.J. Apachi, Drawing Commission Revenue 306 16,000 404 65.000 429 711 Rent Revenue 6,500 Depreciation Expense Salaries Expense Utilities Expense 4,000 720 55.700 732 14.900 $130,120 $130,120
Step by Step Answer:
a General Journal J15 Date Account Titles Ref Debit Credit July 31 Commission Revenue 404 65000 Rent ...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th 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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