No. Exercise 4-8 Monty 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. Monty Company Adjusted Trial Balance July 31, 2019 Account Titles Debit Credit 101 Cash $8,600 112 Accounts Receivable 9,500 157 Equipment 15,900 158 Accumulated Depreciation-Equip. $7,800 201 Accounts Payable 4,000 208 Unearned Rent Revenue 2,100 311 Common Stock 18,900 Retained Earnings 26,500 332 Dividends 15,500 400 Service Revenue 65,000 429 Rent Revenue 6,000 711 Depreciation Expense 9,000 726 Salaries and Wages Expense 56,300 732 Utilities Expense 15,500 $130,300 $130,300 320 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income / (loss)) July 31 (To close dividends) Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Retained Earnings No. 320 Date Explanation Ref Credit Balance Debit July 31 V 315 July 31 115 July 31 J15 Income Summary No. 350 Date Explanation Ref Debit Credit Balance July 31 315 July 31 V 15 July 31