Novak 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.

Novak Company Adjusted Trial Balance July 31, 2019
No.		Account Titles		Debit		Credit
101		Cash		$ 8,900
112		Accounts Receivable		9,100
157		Equipment		16,000
158		Accumulated DepreciationEquip.				$ 7,300
201		Accounts Payable				4,700
208		Unearned Rent Revenue				1,600
311		Common Stock				20,000
320		Retained Earnings				25,300
332		Dividends		16,200
400		Service Revenue				63,300
429		Rent Revenue				6,400
711		Depreciation Expense		7,400
726		Salaries and Wages Expense		56,500
732		Utilities Expense		14,500
				$ 128,600		$ 128,600

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	enter an account title to close revenue accounts on July 31	enter a debit amount	enter a credit amount
	enter an account title to close revenue accounts on July 31	enter a debit amount	enter a credit amount
	enter an account title to close revenue accounts on July 31	enter a debit amount	enter a credit amount
	(To close revenue accounts)
July 31	enter an account title to close expense accounts on July 31	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts on July 31	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts on July 31	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts on July 31	enter a debit amount	enter a credit amount
	(To close expense accounts)
July 31	enter an account title to close net income / (loss) on July 31	enter a debit amount	enter a credit amount
	enter an account title to close net income / (loss) on July 31	enter a debit amount	enter a credit amount
	(To close net income / (loss))
July 31	enter an account title to close dividends on July 31	enter a debit amount	enter a credit amount
	enter an account title to close dividends on July 31	enter a debit amount	enter a credit amount
	(To close dividends)

eTextbook and Media

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	Debit	Credit	Balance
July 31	select the explanation BalanceClose Net Income/LossClose ExpensesClose DividendsClose Revenues	J15	enter a debit amount	enter a credit amount	enter a balance amount
July 31	select the explanation Close ExpensesClose RevenuesBalanceClose DividendsClose Net Income/Loss	J15	enter a debit amount	enter a credit amount	enter a balance amount
July 31	select the explanation BalanceClose RevenuesClose Net Income/LossClose DividendsClose Expenses	J15	enter a debit amount	enter a credit amount	enter a balance amount
Income Summary					No. 350
Date	Explanation	Ref	Debit	Credit	Balance
July 31	select the explanation Close RevenuesClose DividendsClose ExpensesBalanceClose Net Income/Loss	J15	enter a debit amount	enter a credit amount	enter a balance amount
July 31	select the explanation Close DividendsClose ExpensesClose RevenuesClose Net Income/LossBalance	J15	enter a debit amount	enter a credit amount	enter a balance amount
July 31	select the explanation Close ExpensesClose Net Income/LossClose RevenuesBalanceClose Dividends	J15	enter a debit amount	enter a credit amount	enter a balance amount

eTextbook and Media

Prepare a post-closing trial balance at July 31.

Novak Company Post-Closing Trial Balance choose the accounting period For the Month Ended July 31, 2019July 31, 2019For the Quarter Ended July 31, 2019
	Debit		Credit
enter an account title	$ enter a debit balance		$ enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
enter an account title	enter a debit balance		enter a credit balance
Totals