Sandhill Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is asfollows.No.101112 Accounts Receivable157Equipment400Cash429158 Accumulated Depreciation-Equip.201 Accounts Payable208301306(a)Unearned Rent RevenueOwner's CapitalOwner's DrawingsService RevenueRent RevenueSandhill CompanyAdjusted Trial BalanceJuly 31, 2022Account Titles711Depreciation Expense726 Salaries and Wages Expense732Utilities ExpenseJuly 31Date Account Titles and ExplanationJuly 31July 31July 31(To close revenue accounts)(To close expense accounts)(To close net income / (loss))Debit(To close drawings)$8,5009,40016,00016,2006,50056,400Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entryis required, select "No Entry" for the account titles and enter O for the amounts)14,900$127,900Credit$7,4004,5002,50042,60064,8006,100$127,900DebitCredit

Introduction: Closing entries are journal entries that are prepared at the end of accounting period…

Sandhill Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 301 306 400 429 711 726 732 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue (a) Sandhill Company Adjusted Trial Balance July 31, 2022 Owner's Capital Owner's Drawings Service Revenue Rent Revenue Account Titles Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit $8.500 9,400 16.000 (To close drawings) 16,200 6,500 56,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 14,900 $127,900 Credit $7,400 4,500 2,500 42.600 64,800 6,100 $127,900 Debit Credit

Sandhill Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 301 306 400 429 711 726 732 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue (a) Sandhill Company Adjusted Trial Balance July 31, 2022 Owner's Capital Owner's Drawings Service Revenue Rent Revenue Account Titles Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit $8.500 9,400 16.000 (To close drawings) 16,200 6,500 56,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 14,900 $127,900 Credit $7,400 4,500 2,500 42.600 64,800 6,100 $127,900 Debit Credit

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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