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Ivanhoe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balanc 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

Ivanhoe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balanc 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

FINANCIAL ACCOUNTING
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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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 $130,000 $130,000 (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 July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income / (loss)) July 31
Transcribed Image Text: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 $130,000 $130,000 (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 July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income / (loss)) July 31
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 $130,000 $130,000 (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 July 31
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 $130,000 $130,000 (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 July 31
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