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.

OKABE COMPANY Adjusted Trial Balance July 31, 2017
No.		Account Titles		Debit		Credit
101		Cash		$9,900
112		Accounts Receivable		9,200
157		Equipment		16,100
158		Accumulated DepreciationEquip.				$7,400
201		Accounts Payable				4,900
208		Unearned Rent Revenue				1,700
301		Owners Capital				45,500
306		Owners Drawings		16,100
400		Service Revenue				65,000
429		Rent Revenue				6,400
711		Depreciation Expense		8,900
726		Salaries and Wages Expense		55,700
732		Utilities Expense		15,000
				$130,900		$130,900

* Question 3

	Your answer is partially correct. Try again.

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	Service Revenue	65000
	Rent Revenue	6400
	Income Summary		71400
	(To close revenue accounts)
July 31	Income Summary
	Depreciation Expense		8900
	Salaries and Wages Expense		55700
	Utilities Expense		15000
	(To close expense accounts)
July 31
	Income Summary
	(To close net income / (loss))
July 31	Owner's Capital
	Owner's Drawings
	(To close drawings)