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)

Correct answer icon

Your answer is correct.

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)

eTextbook and Media

List of Accounts

Attempts: 1 of 3 used

(b)

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

select an explanation

select an explanation

Balance

Close Revenues

Close Expenses

Close Drawings

Close Net Income/Loss

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount

July 31

select an explanation

select an explanation

Close Expenses

Close Revenues

Balance

Close Drawings

Close Net Income/Loss

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount

July 31

select an explanation

select an explanation

Close Revenues

Close Drawings

Close Net Income/Loss

Close Expenses

Balance

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount

Income Summary

No. 350

Date

Explanation

Debit

Credit

Balance

July 31

select an explanation

select an explanation

Close Net Income/Loss

Close Revenues

Balance

Close Expenses

Close Drawings

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount

July 31

select an explanation

select an explanation

Close Net Income/Loss

Balance

Close Revenues

Close Expenses

Close Drawings

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount

July 31

select an explanation

select an explanation

Close Revenues

Close Expenses

Close Drawings

Close Net Income/Loss

Balance

enter a debit amount

enter a debit amount

enter a credit amount

enter a credit amount

enter a balance amount

enter a balance amount