Question
Pina Colada Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is
Pina Colada 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.
Pina Colada Company
Adjusted Trial Balance
July 31, 2019
No.
Account Titles
Debit
Credit
101Cash$9,200
112Accounts Receivable8,600
157Equipment15,500
158Accumulated DepreciationEquip.$7,500
201Accounts Payable4,300
208Unearned Rent Revenue1,700
311Common Stock18,400
320Retained Earnings25,000332Dividends16,300
400Service Revenue63,600
429
Rent Revenue6,100
711Depreciation Expense6,600
726Salaries and Wages Expense55,900
732Utilities Expense14,500
$126,600
$126,600
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
(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
Debit
Credit
Balance
July 31
Close Dividends
Close Expenses
Close Revenues
Balance
Close Net Income/Loss
J15
July 31
Close Net Income/Loss
Close Dividends
Close Revenues
Close Expenses
Balance
J15
July 31
Balance
Close Revenues
Close Net Income/Loss
Close Expenses
Close Dividends
J15
Income Summary
No. 350
Date
Explanation
Ref
Debit
Credit
Balance
July 31
Close Net Income/Loss
Close Revenues
Close Expenses
Balance
Close Dividends
J15
July 31
Close Expenses
Balance
Close Net Income/Loss
Close Dividends
Close Revenues
J15
July 31
Balance
Close Dividends
Close Expenses
Close Net Income/Loss
Close Revenues
J15
Prepare a post-closing trial balance at July 31.
Pina Colada Company
Post-Closing Trial Balance
For the Quarter Ended July 31, 2019
For the Month Ended July 31, 2019
July 31, 2019
Debit
Credit
$
$
Totals$
$
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Managerial Accounting
Authors: Stacey WhitecottonRobert LibbyRobert Libby, Patricia LibbyRobert Libby, Fred Phillips
1st Edition
0078110777, 9780078110771
