Phoebe Company ended its fiscal year on July 31, 2020. The companys adjusted trial balance as of
Question:
Instructions
a. Prepare the closing entries using page J15.
b. Post to Owners Capital and No. 350 Income Summary accounts. (Use the three-column form.)
c. Prepare a post-closing trial balance at July 31.
Transcribed Image Text:
Phoebe Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $ 9,840 101 Cash Accounts Receivable 112 8,780 15,900 157 Equipment Accumulated Depreciation-Equip. Accounts Payable $ 7,400 158 4,220 201 208 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 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 711 726 55,700 732 14,900 $129,120 $129,120
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
a General Journal J15 Date Account Titles Ref Debit Credit July 31 Service Revenue 400 64000 Rent Re...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Related Video
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
Students also viewed these Business questions
-
The adjusted trial balance for Phoebe Company is presented in E4.8. Instructions a. Prepare an income statement and an owners equity statement for the year. Phoebe did not make any capital...
-
Huang Automotive ended its fiscal year on July 31, 2020. The companys adjusted trial balance as of the end of its fiscal year is as follows. Instructions a. Prepare the closing entries using page...
-
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...
-
The task in this design project is to design an actuation system to power the ram's reciprocating motion in a small-size shaper. The power source of the actuation system is an AC motor with 0.75 hp...
-
Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot on January 1, 2016, are as follows: Man (36%) ..........$140,000 Eme (24%) .......... 100,000 Fot (40%)...
-
This chapter divides not-for-profit entities into four categories that align with accounting and auditing standards. What are the four categories and what types of entities are included in each?
-
How are NDIs procured?
-
The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2014, includes these accounts: Inventory $17,200; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000; Sales...
-
Brian is the IT professional at an electronics company. On a Labor Day weekend where they were offering special sales to customers in selected states, there were a number of complaints that the site...
-
1. Assume that Michelle is self-employed. What are her retirement plan options? 2. By using the annuity approach, calculate the capital needed at retirement (age 67) for the Williamses. Assume a 9%...
-
Victoria Lee Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30, 2020. b. Prepare a post-closing trial balance. Victoria Lee Company Adjusted Trial...
-
Ray Louis has prepared the following list of statements about the accounting cycle. 1. Journalize the transactions is the first step in the accounting cycle. 2. Reversing entries are a required step...
-
Predict the products of each of the following reactions and then balance each equation: (a) Mg(s) + Br(1) (b) BaO(s) + Al(s) (c) CaO(s) + SiO (s)
-
Provide as much information as you can for each of the questions without re-solv-ing the LP. Consider each question independent of the others. a. What minimum profit per acre should Organic consider...
-
Grandpa and Grandma with a net worth of $48 million have a son, a daughter, and four grandkids. How much can GP and GM give to their kids and grandkids over five years in tax-free gifts based on the...
-
Sony manufacturers the Walkman, a mobile tape player that provides "a new way to enjoy music in high quality anywhere at any time." Sony uses a job order costing system and allocates actual...
-
Sakata purchased a new car from Dan s Dealership. While she was driving the car home, the brakes failed, and Sakata was injured when the car careened into a telephone pole. Sakata sued both Dan s...
-
BDO's revenue after insurance claims fell from Php68.3 billion in 2016 to Php64.6 billion in 2017. Does it necessarily mean that BDO made less profit in 2017 than in 2016? Explain your answer. (20...
-
On January 1, 2017, Sunshine Ltd. acquired 30% of the outstanding ordinary shares of Moonbeam Inc. for $270,000 and now has significant influence over the investee. The fair value of Moonbeams net...
-
A glass manufacturer produces hand mirrors. Each mirror is supposed to meet company standards for such things as glass thickness, ability to reflect, size of handle, quality of glass, color of...
-
Often during job interviews, the candidate asks the potential employer about the firms paid absences policy. What are paid absences? How are they accounted for?
-
What are two types of post-retirement benefits?
-
What are two types of post-retirement benefits?
-
A 7 5 kg cliff - diver is falls from a height through the air head, diving towards the water. The drag coefficient for the diver is 0 . 8 3 and the area of the descending diver is 0 . 2 1 m ^ 2 ....
-
In the automobile industry, the dimensionless drag coefficient and the area of the vehicle are often combined into one variable - the drag area whereby the drag area is the product of the...
-
When you drop 10 pebbles into the well, you record the times for hearing the splash as 2.94 s, 3.11 s, 3.12 s, 2.97 s, 3.12 s, 2.97 s, 3.06 s, 3.21 s, 3.37 s, and 3.53 s. (a) Find the average time...
Study smarter with the SolutionInn App