$Question 2

The adjusted trial balance for Pharoah Company is presented below.

PHAROAH COMPANY

Adjusted Trial Balance

August 31, 2017

Account Titles

Debit

Credit

Cash

$10,300Accounts receivable

5,200Equipment

9,400Accumulated depreciationequipment

$4,800Accounts payable

2,700Unearned revenue

900S. Strong, capital

35,400S. Strong, drawings

11,600Service revenue

37,500Rent revenue

6,300Depreciation expense

2,900Salaries expense

38,300Utilities expense

9,900$87,600$87,600

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.)

Date

Account Titles and Explanation

Debit

Credit

Aug. 31

(To close revenueaccounts)Aug.31

(To close expenseaccounts)Aug.31

(To close incomesummary)Aug.31

(To close drawings account)

Make T accounts for the accounts affected by the closing entries. Post the closing entries.(Post entries in the order of journal entries presented in the previous part.)

Income Summary

S. Strong,Capital

S. Strong, Drawings

Service Revenue

Rent Revenue

Depreciation Expense

Salaries Expense

Utilities Expense

Make a post-closing trial balance at August 31, 2017.(List only those accounts that have an ending balance.)

PHAROAH COMPANY

Post-Closing Trial Balance

Debit

Credit

$

$

Total$

$