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 6700 79300 Credit 71500 8200 56300 14800 (To close expense accounts) July 31 Owner's Capital 7800 Income Summary 7800 (To close net income/(loss)) July 31 Owner's Capital 16400 Owner's Drawings 16400 (To close drawings) Crane Company Owner's Capital Date Explanation No. 301 Debit Credit Balance 1.8.2019 Bal 46200 31.7.2020 Income Summary 7800 31.7.2020 Owner's Drawings 16400 38400 22000 Income Summary No. 350 Balance Date Explanation Debit Credit Debit Credit 31.7.2020 Service Revenue 64800 64800 Rent Revenue 6700 71500 31.7.2020 Depreciation Expense 8200 63300 Salaries and wages expense 56300 7000 Utilities Expense 14800 7800 31.7.2020 Owner's Capital 7800 0 (e) Prepare a post-closing trial balance at July 31. CRANE COMPANY Post-Closing Trial Balance Totals $ $ Debit $ Credit Click if you would like to Show Work for this question: Open Show Work