Sandhill 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. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100
Sandhill 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. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sandhill 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.
Sandhill Company
Adjusted Trial Balance
July 31, 2020
No.
Account Titles
Debit
Credit
101
Cash
$8,000
112
Accounts Receivable
9,100
157
Equipment
15,800
158
Accumulated Depreciation-Equip.
$7,300
201
Accounts Payable
4,700
208
Unearned Rent Revenue
2,400
301
Owner's Capital
42,800
306
Owner's Drawings
15,900
400
Service Revenue
64,000
429
Rent Revenue
6,900
711
Depreciation Expense
8,900
726
Salaries and Wages Expense
55,800
732
Utilities Expense
14,600
$128,100
$128,100
Transcribed Image Text:Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 31
(To close revenue accounts)
July 31
(To close expense accounts)
July 31
(To close net income / (loss))
July 31
(To close drawings)
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