Arapaho Company ended its fi scal year on July 31, 2017. The company’s adjusted trial balance as of the end of its fi scal year is as shown below.

ARAPAHO COMPANY Adjusted Trial Balance July 31, 2017 Account Titles Debit Credit Cash $ 15,940 Accounts Receivable 8,580 Equipment 16,900 Accumulated Depreciation—Equipment $ 7,500 Accounts Payable 4,420 Unearned Rent Revenue 1,600 Common Stock 20,500 Retained Earnings 25,000 Dividends 14,000 Service Revenue 64,000 Rent Revenue 5,500 Depreciation Expense 4,500 Salaries and Wages Expense 54,700 Utilities Expense 13,900

$128,520 $128,520 INSTRUCTIONS

(a) Prepare the closing entries.

(b) Post to Retained Earnings and Income Summary T-accounts.

(c) Prepare a post-closing trial balance at July 31, 2017.