(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 e.g. -45 or parentheses e.g. (45).) Owner's Capital Date Explanation Debit Credit Bala July 31 July 31 July 31 Income Summary Date Explanation Debit Credit Bala July 31 July 31

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...
Question
Ivanhoe 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.
Ivanhoe Company
Adjusted Trial Balance
July 31, 2020
No.
Account Titles
Debit
Credit
101
Cash
$10,100
112
Accounts Receivable
8,800
157
Equipment
16,100
158
Accumulated Depreciation-Equip.
$7,100
201
Accounts Payable
4,100
208
Unearned Rent Revenue
1,900
301
Owner's Capital
45,300
306
Owner's Drawings
15,800
400
Service Revenue
65,000
429
Rent Revenue
6,600
711
Depreciation Expense
7,600
726
Salaries and Wages Expense
56,200
732
Utilities Expense
15,400
Transcribed Image Text:Ivanhoe 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. Ivanhoe Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,100 112 Accounts Receivable 8,800 157 Equipment 16,100 158 Accumulated Depreciation-Equip. $7,100 201 Accounts Payable 4,100 208 Unearned Rent Revenue 1,900 301 Owner's Capital 45,300 306 Owner's Drawings 15,800 400 Service Revenue 65,000 429 Rent Revenue 6,600 711 Depreciation Expense 7,600 726 Salaries and Wages Expense 56,200 732 Utilities Expense 15,400
(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 e.g. -45 or parentheses e.g. (45).)
Owner's Capital
Date Explanation
Debit
Credit
Bala
July
31
July
31
July
31
Income Summary
Date Explanation
Debit
Credit
Bala
July
31
July
31
Transcribed Image Text:(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 e.g. -45 or parentheses e.g. (45).) Owner's Capital Date Explanation Debit Credit Bala July 31 July 31 July 31 Income Summary Date Explanation Debit Credit Bala July 31 July 31
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