Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Show Attempt History Current Attempt in Progress Pharoah Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of
Show Attempt History Current Attempt in Progress Pharoah Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Pharoah Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,900 112 Accounts Receivable 9,400 157 Equipment 16.200 158 Accumulated Depreciation-Equip. $7,800 201 Accounts Payable 4,000 208 Unearned Rent Revenue 2.200 301 Owner's Capital 44,900 306 Owner's Drawings 15,500 400 Service Revenue 64,000 429 Rent Revenue 7,000 711 Depreciation Expense 9,000 726 Salaries and Wages Expense 56,100 732 Utilities Expense 14.800 $129,900 $129.900 1 W X (b) Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg (45).) Date Explanation Owner's Capital Debit Credit No. 301 Balance July 31 Close Revenues July Balance 31 Close Expenses July Close Drawings 31 Close Net Income/Loss No. 350 Income Summary Debit Credit Balance Date Explanation July 31 July 31 July Balance 31 eTextbook and Media A W X P
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started