Ivanhoe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balanceas of the end of its fiscal year is as follows.Ivanhoe CompanyAdjusted Trial BalanceJuly 31, 2020No.Account TitlesDebitCredit101Cash$10,100112Accounts Receivable8,800157Equipment16,100158Accumulated Depreciation-Equip.$7,100201Accounts Payable4,100208Unearned Rent Revenue1,900301Owner's Capital45,300306Owner's Drawings15,800400Service Revenue65,000429Rent Revenue6,600711Depreciation Expense7,600726Salaries and Wages Expense56,200732Utilities Expense15,400 (b)Post to Owner's Capital and Income Summary accounts. (Post entries in the order ofjournal entries presented in the previous part. Enter negative amounts using either anegative sign preceding the number e.g. -45 or parentheses e.g. (45).)Owner's CapitalDate ExplanationDebitCreditBalaJuly31July31July31Income SummaryDate ExplanationDebitCreditBalaJuly31July31

Closing entries means the entries to be made on the closing of any particular period . All revenue…

(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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare the entry to close the revenue accounts, the expenses accounts, income summary and withdrawal account 4 different charts
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