Cullumber 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. Cullumber Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,700 112 Accounts Receivable 8,600 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,900 201 Accounts Payable 4,600 208 Unearned Rent Revenue 2,000 301 Owner's Capital 45,800 306 Owner's Drawings 15,700 400 Service Revenue 63,700 429 Rent Revenue 7,000 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 56,700 July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,700 112 Accounts Receivable 8,600 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,900 201 Accounts Payable 4,600 208 Unearned Rent Revenue 2,000 301 Owner's Capital 45,800 306 Owner's Drawings 15,700 400 Service Revenue 63,700 429 Rent Revenue 7,000 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 56,700 732 Utilities Expense 15,000 $131,000 $131,000 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 31 July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close expense accounts) July 31 (To close net income/(loss)) (To close drawings)