Question 1

At the end of its fiscal year, the adjusted trial balance of Ivanhoe Company is as follows:

IVANHOE COMPANY

Adjusted Trial Balance

July 31, 2017

Debit

Credit

Cash

$4,150

Accounts receivable

11,440

Prepaid rent

500

Supplies750

Debt investments8,000

Equipment19,950

Accumulated depreciationequipment

$5,700

Patents

18,300

Accounts payable

4,285

Interest payable

750

Unearned revenue

2,050

Notes payable (due on July 1, 2019)

45,500

B. Ivanhoe, capital

28,285

B. Ivanhoe drawings

16,800

Service revenue75,000

Interest revenue320

Depreciation expense2,850

Interest expense3,000

Rent expense18,550

Salaries expense36,750

Supplies expense20,850

$161,890

$161,890

Make the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)