Plevin Company ended its fiscal year on July 31, 2014. The companys adjusted trial balance as of

Plevin Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is 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.

Transcribed Image Text:

PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 Account Titles Debit Credit 0 101 112 Accounts Receivable 157 Equipment Cash 9,840 8,780 15,900 7,400 4,220 1,800 45,200 158 Accumulated Depreciation-Equip 201 208 301 Accounts Payable Unearned Rent Revenue Owner's Capital 306 Owner's Drawings 16,000 400 429 Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense 64,000 6,500 726 732 8,000 55,700 14,900 $129,120 $129,120