Additional Exercise 3.15 The adjusted trial balance for Lanza Ltd at the end of its fiscal year is: LANZA LTD Adjusted trial balance as at 31 July 2017 No. Account Title Debit Credit 101 Cash at bank $14,840 112 Accounts receivable 8,740 157 Equipment 15,900 167 Accumulated depreciation $5,400 201 Accounts payable 4,180 208 Unearned rent revenue 1,800 301 C. J. Lanza, capital 45,200 306 C. J. Lanza, drawing 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 14,900 130,080 130,080 Instructions Prepare the closing entries. General journal 315 Particulars Debit Credit Date July 31 Ref. 404 Commission revenue Rent revenue 429 Profit or loss summary 350 350 31 Profit or loss summary 720 Salaries expense Utilities expense Depreciation expense 732 711 31 C. J. Lanza, capital 301 Profit or loss summary 350 31 C. J. Lanza, capital 301 306 C. J. Lanza, drawing Post to C. J. Lanza, capital and to profit or loss summary (no. 350) accounts. No. 301 Ref. Debit C. J. Lanza, capital Credit Balance 45,200 Date July 31 31 31 Explanation Balance Close loss Close drawing 115 315 No. 350 Profit or loss summary Credit Debit Balance Date July 31 31 Explanation Close revenue Ref. 315 Close expense 315 31 Transfer loss 315 Prepare a post-closing trial balance as at 31 July. LANZA LTD Post closing trial balance as at 31 July 2017 Debit Credit Cash at bank $14,840 Accounts receivable Equipment Accumulated depreciation Accounts payable Unearned rent revenue C. J. Lanza, capital