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ACC100156VA016 1124 001 / HW Chpt 4
Question 5
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 below.
APACHI COMPANY
Adjusted Trial Balance
July 31, 2010
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
301 B. J. Apachi, Capital 45,200
306 B. J. Apachi, Drawing 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. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
General Journal
J15
Date Account/Description Debit Credit
July 31
(To close revenue.)
July 31
(To close expenses.)
July 31
(To close net loss.)
July 31
(To close drawings.)
(b) Post to B.J. Apachi, Capital and No. 350 Income Summary accounts. (If answer is zero, please enter 0. Do not leave any fields blank. If balance is negative, use either a negative sign preceding the number eg 45 or parentheses eg (45).)
B.J. Apachi, Capital
No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
July 31 Balance
31 Close net loss J15
31
Close drawing
J15
Income Summary
No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
July 31 Close revenue J15
31 Close expenses J15
31
Close net loss
J15
(c) Prepare a post closing trial balance at July 31. (If answer is zero, please enter 0. Do not leave any fields blank.)
APACHI COMPANY
Post Closing Trial Balance
July 31, 2010
Debit Credit
Cash $ $
Accounts Receivable
Equipment
Accumulated Depreciation
Accounts Payable
Unearned Rent Revenue
B. J. Apachi, Capital
$ $
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