Exercise 4-8 Okabe Company ended its fiscal year on July 31, 2017. The companys adjusted trial balance as of the end of its fiscal year is shown below.

Exercise 4-8 Okabe Company ended its fiscal year on July 2017. The company' adjusted tri al balance as of the e end of its fiscal r is shown below. OKABE COMPANY Adjusted Trial Balance July 31, 2017 Account Titles Debit Credit No 101. Cash $9,000 8,900 112 Accounts Receivable 157 Equipment 16,000 $7,900 158 Accumulated Depreciation-Equip. 201 Accounts payable 4,500 208 Unearned Rent Revenue 1,900 301. owners Capital 44,700 306 owners Drawings 16,000 400 ce Revenue 63,100 429 Rent Revenue 6,300 711 Depreciation Expense 7,400 726 Salaries and Wages Expense 55,900 732 Utilities Expense 15.200 $128,400 128,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 53000 July 31 Service Revenue Rent Revenue 6300 Income Summary 69300 (To close revenue accounts) 400 July 31 Depreciation Expense 55900 aries and Wages Expe Income Summary To close expense accounts) July 31 Owners Capital 44700 (To close net income (loss) July 31 To close drawings) sHow LIST oF AccouNTs VIDEO: SIMILAR EXERCISE