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Prepare the closing entries Exercise 4-08 a-c (Video) Flint Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of
Prepare the closing entries
Exercise 4-08 a-c (Video) Flint 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 Flint Company Adjusted Trial Balance July 31, 2019 Account Titles Debit Credit 0 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue /11 Depreciation EXpense 726 Salaries and Wages Expense 732 Utilities Expense $8,300 9,500 16,400 $7,500 4,200 1,700 20,600 25,900 16,200 63,100 6,700 8,100 56,500 14,700 $129,700 $129,700 Date Account Titles and Explanation Debit Credit July 31 Service Revenue 63,100 Rent Revenue 6700 Income Summary 69800 To close revenue accounts) July 31 Income Summary 79300 Depreciation Expense Salaries and Wages Expense Utilities Expense (To close expense accounts) July 31 Retained Earnings Income Summary (To close net income / (loss) July 31 Retained Earnings Dividends (To close dividends) Retained Earnings No. 320 Ref Debit Date Explanation July 31 July 31 July 31 Credit Balance J15 J15 J15 Income Summary No. 350 Date Explanation July 31 July 31 July 31 Ref J15 115 Debit Credit Balance J15 Prepare a post-closing trial balance at July 31. Flint Company Post-Closing Trial Balance Debit Credit Totals Click if you would like to show Work for this question: Open Show WorkStep by Step Solution
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