Mathematics, 30.11.2021 16:50 anitaabbey27
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
101
Cash
$ 9,840
112
Accounts Receivable
8,780
157
Equipment
15,900
Accumulated Depreciation—Equip.
$ 7,400
201
Accounts Payable
4,220
208
Unearned Rent Revenue
1,800
301
Owner’s Capital
45,200
306
Owner’s Drawings
16,000
400
Service Revenue
64,000
429
Rent Revenue
6,500
6,500
711
Depreciation Expense
8,000
726
Salaries and Wages Expense
55,700
732
Utilities Expense
14,900
$129,120
$129,120
Instructions
a. Prepare the closing entries using page J15.
b. Post to Owner’s Capital and No. 350 Income Summary accounts. (Use the three-column form.)
c. Prepare a post-closing trial balance at July 31.
d. Prepare a classified balance sheet at July 31.
Answers: 2
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