Arapaho Company ended its fiscal year on July 31, 2019. 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 in a general journal.

(b) Post to Retained Earnings and No. 350 Income Summary accounts. (Use the three column form.)

(c) Prepare a post-closing trial balance at July 31, 2019.

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ARAPAHO COMPANY Adjusted Trial Balance July 31, 2019 Account Titles No. 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated 201 Accounts Payable 208 Unearned Rent Revenue Common Stock 311 320 Retained Earnings Dividends 332 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Depreciation-Equipment Debit $ 15,940 8,580 16,900 14,000 Credit $ 7,500 4,420 1,600 20,500 25,000 64,000 5,500 4,500 54,700 13,900 $128,520 $128,520