BlossomCompany 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.

BlossomCompany

Adjusted Trial Balance

July 31, 2020

No.

Account Titles

Debit

Credit

101Cash$8,000

112Accounts Receivable8,500

157Equipment15,500

158Accumulated DepreciationEquip.$7,000

201Accounts Payable4,000

208Unearned Rent Revenue1,500

301Owner's Capital42,700

306Owner's Drawings15,500

400Service Revenue63,000

429

Rent Revenue6,000

711Depreciation Expense6,500

726Salaries and Wages Expense55,700

732Utilities Expense14,500

$124,200

$124,200

(a)

Prepare the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

July 31enter an account title to close revenue accounts

enter an account title to close revenue accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close revenue accounts

enter an account title to close revenue accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close revenue accounts

enter an account title to close revenue accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

(To close revenue accounts)

July 31enter an account title to close expense accounts

enter an account title to close expense accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close expense accounts

enter an account title to close expense accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close expense accounts

enter an account title to close expense accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close expense accounts

enter an account title to close expense accounts

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

(To close expense accounts)

July 31enter an account title to close net income / (loss)

enter an account title to close net income / (loss)

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close net income / (loss)

enter an account title to close net income / (loss)

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

(To close net income / (loss))

July 31enter an account title to close drawings

enter an account title to close drawings

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter an account title to close drawings

enter an account title to close drawings

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

(To close drawings)