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post to owner capital and income summary accounts. i dont understand how my answer is incorrect. Crane Company ended its fiscal year on July 31,
post to owner capital and income summary accounts. i dont understand how my answer is incorrect.
Crane Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. Crane Company Adjusted Trial Balance July 31, 2022 No. Account Titles Debit Credit 101 Cash $ 11,000 112 Accounts Receivable 8,700 157 Equipment 16,500 158 Accumulated Depreciation-Equip. $7,600 201 Accounts Payable 4,200 208 Unearned Rent Revenue 2,300 301 Owner's Capital 45,600 306 Owner's Drawings 15,600 400 Service Revenue 64,500 429 Rent Revenue 6,600 711 Depreciation Expense 7,300 726 56,700 Salaries and Wages Expense Utilities Expense 732 15,000 $ 130,800 $ 130,800 stion 2 of 6 6.67 / 15 Date Account Titles and Explanation Debit Credit July 31 Service Revenue 64500 Rent Revenue 6600 Income Summary 71100 (To close revenue accounts) July 31 Income Summary 79000 Depreciation Expense 7300 Salaries and Wages Expense 56700 Utilities Expense 15000 (To close expense accounts) July 31 Owner's Capital 7900 Income Summary 7.900 (To close net income/(loss)) July 31 Owner's Capital 15600 0.0/7 (To close net income / (loss)) Owner's Capital 15600 Owner's Drawings 15600 (To close drawings) ctbook and Media of Accounts POST Uwner's Capital 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.3.-45 or parentheses 2.3.(45)) Owner's Capital No. 301 Date Explanation Debit Credit Balance July 31 Balance July 31 Close Drawings 15600 30000 July 31 Close Net Income/Loss 7900 22100 Income Summary No. 350 Date Explanation Debit Credit Balance July 31 Balance 71100 21100 July 31 Close Revenues 79000 7900 July 31 Close Revenues Step by Step Solution
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