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Date Explanation July 31 July 31 July 31 Date Explanation July 31 July 31 Owner's Capital Debit Income Summary Debit Credit Credit Balance Balance No. 301 No. 350

Date Explanation July 31 July 31 July 31 Date Explanation July 31 July 31 Owner's Capital Debit Income Summary Debit Credit Credit Balance Balance No. 301 No. 350

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Date Explanation July 31 July 31 July 31 Date Explanation July 31 July 31 July 31 Owner's Capital Debit Income Summary Debit Credit Credit No. 301 Balance No. 350 Balance
Transcribed Image Text:Date Explanation July 31 July 31 July 31 Date Explanation July 31 July 31 July 31 Owner's Capital Debit Income Summary Debit Credit Credit No. 301 Balance No. 350 Balance
Sheridan 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. Sheridan Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Debit $8,100 8,900 15,800 16,400 Credit $7,200 4,800 1,900 44,900 64,900 6,400 9,200 56,600 15,100 $130,100 $130,100
Transcribed Image Text:Sheridan 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. Sheridan Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Debit $8,100 8,900 15,800 16,400 Credit $7,200 4,800 1,900 44,900 64,900 6,400 9,200 56,600 15,100 $130,100 $130,100
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