Solution-Prepare the closing entries

Prepare the closing entries - post to retained earnings

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Reference no: EM13549053

Apachi Company ended its fiscal year on July 31, 2011. The company's adjusted trial balance as of the end of its fiscal year is as shown at the top of page 186.

APACHI COMPANY Adjusted Trial Balance July 31, 2011
No.	Account Titles	Debits	Credits
101	Cash	$ 14,840
112	Accounts Receivable	8,780
157	Equipment	15,900
167	Accumulated Depreciation		$ 7,400
201	Accounts Payable		4,220
208	Unearned Rent Revenue		1,800
311	Common Stock		20,000
320	Retained Earnings		25,200
332	Dividends	16,000
404	Commission Revenue		65,000
429	Rent Revenue		6,500
711	Depreciation Expense	4,000
720	Salaries Expense	55,700
732	Utilities Expense	14,900
		$130,120	$130,120

Instructions

(a) Prepare the closing entries using page J15.

(b) Post to Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)

Reference no: EM13549053

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Prepare the closing entries - post to retained earnings

Reference no: EM13549053

Reference no: EM13549053

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