Apachi Company ended its fiscal year on July 31, 2010. The company’s adjusted trial balance as of the end of its fiscal year is as shown at the top.
|
APACHI COMPANY |
|||
|
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 |
|
|
301 |
B. J. Apachi, Capital |
45,200 |
|
|
306 |
B. J. Apachi, Drawing |
||
|
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 B. J. Apachi, Capital and No. 350 Income Summary accounts. (Use the three column form.)
(c) Prepare a post closing trial balance at July 31.