Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,600 112 Accounts Receivable 9,400 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,700 201 Accounts Payable 4,200 208 Unearned Rent Revenue 2,400 301 Owner’s Capital 47,200 306 Owner’s Drawings 15,700 400 Service Revenue 64,400 429 Rent Revenue 6,700 711 Depreciation Expense 8,700 726 Salaries and Wages Expense 56,400 732 Utilities Expense 15,400 $132,600 $132,600 (a) Prepare 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 enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close revenue accounts) July 31 enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close expense accounts) July 31 enter an account title to close net income / (loss)enter an account title to close net income / (loss) enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close net income / (loss)enter an account title to close net income / (loss) enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close net income / (loss)) July 31 enter an account title to close drawingsenter an account title to close drawings enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close drawingsenter an account title to close drawings enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close drawings)

Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,600 112 Accounts Receivable 9,400 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,700 201 Accounts Payable 4,200 208 Unearned Rent Revenue 2,400 301 Owner’s Capital 47,200 306 Owner’s Drawings 15,700 400 Service Revenue 64,400 429 Rent Revenue 6,700 711 Depreciation Expense 8,700 726 Salaries and Wages Expense 56,400 732 Utilities Expense 15,400 $132,600 $132,600 (a) Prepare 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 enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close revenue accountsenter an account title to close revenue accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close revenue accounts) July 31 enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close expense accountsenter an account title to close expense accounts enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close expense accounts) July 31 enter an account title to close net income / (loss)enter an account title to close net income / (loss) enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close net income / (loss)enter an account title to close net income / (loss) enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close net income / (loss)) July 31 enter an account title to close drawingsenter an account title to close drawings enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to close drawingsenter an account title to close drawings enter a debit amountenter a debit amount enter a credit amountenter a credit amount (To close drawings)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

(a)

Prepare 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	enter an account title to close revenue accountsenter an account title to close revenue accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close revenue accountsenter an account title to close revenue accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close revenue accountsenter an account title to close revenue accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	(To close revenue accounts)
July 31	enter an account title to close expense accountsenter an account title to close expense accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close expense accountsenter an account title to close expense accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close expense accountsenter an account title to close expense accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close expense accountsenter an account title to close expense accounts	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	(To close expense accounts)
July 31	enter an account title to close net income / (loss)enter an account title to close net income / (loss)	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close net income / (loss)enter an account title to close net income / (loss)	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	(To close net income / (loss))
July 31	enter an account title to close drawingsenter an account title to close drawings	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title to close drawingsenter an account title to close drawings	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	(To close drawings)

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Blossom Company Adjusted Trial Balance July 31, 2020
No.	Account Titles	Debit	Credit
101	Cash	$10,600
112	Accounts Receivable	9,400
157	Equipment	16,400
158	Accumulated Depreciation—Equip.		$7,700
201	Accounts Payable		4,200
208	Unearned Rent Revenue		2,400
301	Owner’s Capital		47,200
306	Owner’s Drawings	15,700
400	Service Revenue		64,400
429	Rent Revenue		6,700
711	Depreciation Expense	8,700
726	Salaries and Wages Expense	56,400
732	Utilities Expense	15,400
		$132,600	$132,600