Turner Company ended its fiscal year on July 31, 2012. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.
|
TURNER COMPANY |
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|
Adjusted Trial Balance |
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|
July 31, 2012 |
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|
No. |
Account Titles |
Debits |
Credits |
|
101 |
Cash |
$ 9,840 |
|
|
112 |
Accounts Receivable |
8,780 |
|
|
157 |
Equipment |
15,900 |
|
|
167 |
Accumulated Depreciation—Equip. |
$ 7,400 |
|
|
201 |
Accounts Payable |
4,220 |
|
|
208 |
Unearned Rent Revenue |
1,800 |
|
|
301 |
Owner’s Capital |
45,200 |
|
|
306 |
Owner’s Drawings |
16,000 |
|
|
404 |
Service Revenue |
64,000 |
|
|
429 |
Rent Revenue |
6,500 |
|
|
711 |
Depreciation Expense |
8,000 |
|
|
720 |
Salaries and Wages Expense |
55,700 |
|
|
732 |
Utilities Expense |
14,900 |
|
|
$129,120 |
$129,120 |
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Instructions
(a) Prepare the closing entries using page J15.
(b) Post to Owner’s Capital and No. 350 Income Summary accounts.
(c) Prepare a post closing trial balance at July 31.