Question
Question 1 Exercise 4-8 Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial balance as of the end of its
Question 1
Exercise 4-8
Okabe Company ended its fiscal year on July 31, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below.
OKABE COMPANY
Adjusted Trial Balance
July 31, 2017
No.
Account Titles
Debit
Credit
101Cash$9,000
112Accounts Receivable8,900
157Equipment16,000
158Accumulated DepreciationEquip.$7,900
201Accounts Payable4,500
208Unearned Rent Revenue1,900
301Owner's Capital44,700
306Owner's Drawings16,000
400Service Revenue63,100
429
Rent Revenue6,300
711Depreciation Expense7,400
726Salaries and Wages Expense55,900
732Utilities Expense15,200
$128,400
$128,400
you have formulate 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
(To close revenue accounts)
July 31
(To close expense accounts)
July 31
(To close net income / (loss))
July 31
(To close drawings)
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Post to Owner's Capital and Income Summary accounts.(Post entries in the order of journal entries presented in the previous part.)
Owner's Capital
No. 301
Date
Explanation
Debit
Credit
Balance
July 31
Close Drawings
Balance
Close Expenses
Close Net Income/Loss
Close Revenues
July 31
Close Drawings
Close Revenues
Close Expenses
Balance
Close Net Income/Loss
July 31
Balance
Close Net Income/Loss
Close Expenses
Close Drawings
Close Revenues
Income Summary
No. 350
Date
Explanation
Debit
Credit
Balance
July 31
Close Net Income/Loss
Close Drawings
Close Revenues
Close Expenses
Balance
July 31
Close Expenses
Close Drawings
Close Revenues
Balance
Close Net Income/Loss
July 31
Close Drawings
Close Expenses
Close Net Income/Loss
Close Revenues
Balance
SHOW LIST OF ACCOUNTS
LINK TO TEXT
you need to prepare the post-closing trial balance at July 31.
OKABECOMPANY
Post-Closing Trial Balance
For the Month Ended July 31, 2017
July 31, 2017
For the Year Ended July 31, 2017
Debit
Credit
$
$
Totals$
$
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Applied Regression Analysis And Other Multivariable Methods
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
5th Edition
632
