Question

swimy company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,100 112 Accounts Receivable 8.900 157 Equipment 15,600 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue $7,200 4,900 1,500 16,800 26,000 311 Common Stock 320 Retained Earnings 332 Dividends 15,500 400 Service Revenue 64,300 429 Rent Revenue 6,100 711 Depreciation Expense 6.900 726 Salaries and Wages Expense 56.700 732 Utilities Expense 15.100 $126.800 $126,800

Answer 1

Credit Date Account Titles and Explanation July. 31 Service revenue Rent revenue Income summary (To close revenue accounts) Debit 64,300 6,100 70,400 78,700 July. 31 Income summary Depreciation expense Salaries and wages expense Utilities expense (To close expense accounts) 6,900 56,700 15,100 8,300 July. 31 Retained earnings Income summary (78,700-70,400) (To close net income/loss) 8,300 15,500 July. 31 Retained earnings Dividends (To close dividends account) 15,500

Date July. 31 July. 31 July. 31 Retained earnings Explanation Ref. Debit bal. J15 Income summary closing J15 $ 8,300 Dividends closing J15 $ 15,500 Credit $ 26,000 balance $ 26,000 $ 17,700 $ 2,200 Date Income summary Explanation Ref. Debit Revenue closing Expense closing $78,700 Retained earnings closing 15 Credit $ 70,400 July. 31 July. 31 July. 31 15 J15 balance $ 70,400 $ 8,300 $0 $ 8,300

Credit Swifty Company Post-Closing Trial balance At July 31 Account titles Debit Cash 8,100 Accounts receivable 8,900 Equipment 15,600 Accumulated depreciation-Equip. Accounts payable Unearned rent revenue Common stock Retained earnings Totals 32,600 7,200 4,900 1,500 16,800 2,200 32,600