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Please help me post the post-closing trial balance, thank you! Concord Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance
Please help me post the post-closing trial balance, thank you!
Concord Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows. Concord Company Adjusted Trial Balance July 31, 2022 Account Titles No. Debit Credit 101 Cash $8,850 112 Accounts Receivable 9,000 157 16,300 158 $7,400 201 208 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends 4,250 1,700 19,400 27,000 311 320 332 15,000 400 Service Revenue 64,000 6,000 429 711 Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense 726 9,500 56,600 14,500 $129,750 732 $129,750 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 64000 Rent Revenue 6000 Income Summary 70000 (To close revenue accounts) July 31 Income Summary 80600 Depreciation Expense 9500 Salaries and Wages Expense 56600 Utilities Expense 14500 (To close expense accounts) July 31 Retained Earnings 10600 Income Summary 10600 (To close net income / (loss)) July 31 Retained Earnings 15000 Dividends 15000 (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).) No. 320 Retained Earnings Ref Debit Credit Balance J15 27000 Date Explanation July Balance 31 July Close Net Income/Loss 31 J15 10600 16400 July 31 Close Dividends J15 15000 1400 Income Summary Ref Debit No. 350 Balance Credit Date Explanation July Close Revenues 31 J15 70000 70000 Close Expenses J15 80600 -10600 July 31 July 31 Close Net Income/Loss J15 10600 0 Prepare a post-closing trial balance at July 31. Concord Company Post-Closing Trial Balance Debit Credit $ $ Totals $ $Step by Step Solution
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