Exercise 4-08 a-c (Video) Blue Spruce Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. Blue Spruce Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,300 112 Accounts Receivable 9,500 157 Equipment 16,500 158 Accumulated Depreciation-Equip. $7,200 201 Accounts Payable 4,000 208 Unearned Rent Revenue 2,100 311 Common Stock 22,800 320 Retained Earnings 25,800 332 Dividends 15,900 400 Service Revenue 63,500 429 Rent Revenue 7,000 711 Depreciation Expense 8,200 726 Salaries and Wages Expense 56,500 732 Utilities Expense 15,500 $132,400 $132,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 Service Revenue 63500 Rent Revenue 7000 70500 Income Summary (To close revenue accounts) July 31 Income Summary 80200 Depreciation Expense 8200 Salaries and Wages Expense 56500 15500 Utilities Expense (To close expense accounts) July 31 Retained Earnings 9700 9700 Income Summary (To close net income / (loss)) July 31 Retained Earnings 15900 15900 Dividends (To close dividends) Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of jo Retained Earnings No. 320 Date Explanation Ref Debit Credit Balance July 31 315 25800 25800 July 31 Close Net Income/Loss J15 9700 16100 July 31 Close Dividends J15 15900 200 Income Summary No. 350 Date Explanation Ref Debit Credit Balance July 31 Balance J15 70500 70500 July 31 Close Expenses J15 80200 July 31 Close Revenues 115 9700 VIDEO: SIMILAR EXERCISE Prepare a post-closing trial balance at July 31. Blue Spruce Company Post-Closing Trial Balance July 31, 2019 Debit Credit Cash 10300 $ Accounts Receivable 9500 Equipment 16500 Accumulated Depreciation-Equipment 8200 Accounts Payable 4000 Unearned Service Revenue 2100 Totals $ Click if you would like to Show Work for this question: Open Show Work