The adjusted trial balance of Lanza Company at the end of its fiscal year is:

Instructions

(a) Prepare the closing entries using page J 15.

(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.

Transcribed Image Text:

LANZA COMPANY Adjusted Trial Balance July 31, 2006 No. Account Titles Debits Credits 101 Cash $ 14,840 112 Accounts Receivable 8.780 157 167 Equipment Accumulated Depreciation 15,900 $ 5,400 201 Accounts Payable 4.220 208 Unearned Rent Revenue 1,800 311 Common Stock 20,000 320 Retained Earnings 25.200 332 Dividends 16,000 404 Commission Revenue 67.000 429 Rent Revenue 6.500 711 Depreciation Expense 4.000 720 Salaries Expense 55,700 732 Utilities Expense 14,900 $130,120 $130,120