Exercise 4-08 a-c (Part Level Submission) (Video) Crane Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year Crane Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,700 112 Accounts Receivable 8,900 157 Equipment 15,500 158 Accumulated Depreciation-Equip. $7,000 201 Accounts Payable 4,600 208 Unearned Rent Revenue 1,500 301 Owner's Capital 46,200 306 Owner's Drawings 16,400 400 Service Revenue 64,800 429 Rent Revenue 6,700 711 Depreciation Expense 8,200 726 Salaries and Wages Expense 56,300 732 Utilities Expense 14,800 $130,800 $130,800 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered Date Account Titles and Explanation July 31 Service Revenue Rent Revenue Income Summary (To close revenue accounts) July 31 Income Summary Depreciation Expense Salaries and Wages Expense Utilities Expense Debit 64800 Credit 6700 71500 79300 8200 56300 (To close expense accounts) July 31 Owner's Capital 7800 Income Summary (To close net income/(loss)) July 31 Owner's Capital 16400 Owner's Drawings (To close drawings) 14800 7800 16400 (b) Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal e 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 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