Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Blossom Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,800 112 Accounts Receivable 9,200 157 Equipment 16,000 158 Accumulated Depreciation-Equip. $7,800 201 Accounts Payable 4,500 208 Unearned Rent Revenue 1,800 301 Owner's Capital 45,000 306 Owner's Drawings 15,700 400 Service Revenue 63,800 429 Rent Revenue 6,600 711 Depreciation Expense 7,000 726 Salaries and Wages Expense 56,000 732 Utilities Expense 14,800 $129,500 $129,500 Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Owner's Capital No. 301 Date Explanation Debit Credit Balance July 31 July 31 July 31 V Income Summary No. 350 Date Explanation Debit Credit Balance July 31 July 31 July 31 Click if you would like to Show Work for this question: Open Show Work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started