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Please solve for b) Marigold Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its
Please solve for b)
Marigold 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. Credit No. 101 112 157 158 201 200 Marigold Company Adjusted Trial Balance July 31, 2022 Account Titles Debit Cash $9.500 Accounts Receivable 8.500 Equipment 16,200 Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends 16,500 Service Revenue Rent Revenue Depreciation Expense 6,500 Salaries and Wages Expense 56,200 Utilities Expense 14,500 $128,200 $7,400 4.350 1.600 18,850 25,500 311 320 332 400 429 711 64,500 6,000 726 732 $128,200 (a) Your answer is correct Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation July Service Revenue 31 Rent Revenue 64,500 6,000 70,500 Income Summary (To close revenue accounts) July 31 Income Summary 77200 Depreciation Expense 6500 Salaries and Wages Expense 56200 Utilities Expense 14500 July 31 (To close expense accounts) Retained Earnings 6700 6700 Income Summary (To Close net Income / (loss)) Retained Earnings July 16500 31 16500 Dividends (To close dividends) (b) 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 numbereg.-45 or parentheseses (451) Retained Earnings Rer Debit Credit BalaniStep by Step Solution
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