(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
(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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
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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