Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sarasota Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown

Sarasota Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows Sarasota Company Adjusted Trial Balance July 31, 2022 No. Account Titles Debit Credit 101 Cash $10.450 112 Accounts Receivable 9.500 157 Equipment 15.700 158 Accumulated Depreciation-Equip $7,600 201 Accounts Payable 4,600 200 Unearned Rent Revenue: 2.100 211 Common Stock 19.050 320 Retained Earnings 27.000 332 Dividends 16.500 400 Service Revenue 63,500 429 Rent Revenue 6.500 711 Depreciation Expense 7.000 726 Salaries and Wages Expense 56.700 732 Utilities Expense 14.500 $130.350 $130.350 Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous port. Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45)) Date Explanation July 31 Retained Earnings Ref Debit 315 July 3 315 31 July 31 315 Credit No. 320 Balance Income Summary No. 350 Date Explanation Ref Debit Credit Balance July 315 31 July 315 31 July 315 31 eTextbook and Media Prepare a post-closing trial balance at July 31, Sarasota Company Post-Closing Trial Balance Totals Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Driving Strategic Decisions From Financial Reports In The Global Economy

Authors: Samuel 0 Omoniyi

1st Edition

979-8853393608

More Books

Students also viewed these Accounting questions