Question
I am supposed to prepare the closing entries to close revenue accounts, close expense accounts , close net income/loss and to close dividends. I think
I am supposed to prepare the closing entries to close revenue accounts, close expense accounts , close net income/loss and to close dividends. I think I did that part right, but I'm stuck at the part where I have to post to the "Retained Earnings" and "Income Summary" accounts. There are only three open blank spaces for each with a drop down menu for each one that says "Close Dividends", "Balance" "Close Expenses", "Close Revenues" and "Close Net Income/Loss" where we are supposed to click on one of these options for each blank space. Then, the last part I need help with is to prepare a post-closing trial balance. I would really appreciate the help!
Plevin Company ended its fiscal year on July 31, 2019. The companys adjusted trial balance as of the end of its fiscal year is shown below.
Plevin Company Adjusted Trial Balance July 31, 2019 | ||||||
No. | Account Titles | Debit | Credit | |||
101 | Cash | $9,840 | ||||
112 | Accounts Receivable | 8,780 | ||||
157 | Equipment | 15,900 | ||||
158 | Accumulated DepreciationEquip. | $7,400 | ||||
201 | Accounts Payable | 4,220 | ||||
208 | Unearned Rent Revenue | 1,800 | ||||
311 | Common Stock | 20,000 | ||||
320 | Retained Earnings | 25,200 | ||||
332 | Dividends | 16,000 | ||||
400 | Service Revenue | 64,000 | ||||
429 | Rent Revenue | 6,500 | ||||
711 | Depreciation Expense | 8,000 | ||||
726 | Salaries and Wages Expense | 55,700 | ||||
732 | Utilities Expense | 14,900 |
| |||
$129,120 | $129,120 |
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