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.)

(c) Prepare a post-closing trial balance at July 31.

Reference no: EM13549053

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