1. Prepare the closing entries

2. Post to the Retained Earnings and Income Summary accounts.

3. Prepare a post-closing trial balance at July 31.

Practice Exercise 1 Plevin Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below Plevin Company Adjusted Trial Balance July 31, 2019 Debit No 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Account Titles Credit $9,840 8,780 15,900 $7,400 4,220 1,800 20,000 25,200 16,000 64,000 6,500 8,000 55,700 14,900 $129,120 $129,120