Huang Automotive ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows.

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 July 31.

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Huang Automotive Adjusted Trial Balance July 31, 2020 Credit No. Account Titles Debit NT$ 9,840 101 Cash 112 Accounts Receivable 8,780 Equipment Accumulated Depreciation-Equip. Accounts Payable 157 15,900 NT$ 7,400 158 201 4,220 208 Unearned Rent Revenue 1,800 Owner's Capital Owner's Drawings 301 45,200 306 16,000 64,000 400 Service Revenue 429 Rent Revenue 6,500 711 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 726 55,700 732 14,900 NT$129,120 NT$129,120