The adjusted trial balance of Lanza Company at the end of its fiscal year is :
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LANZA COMPANY |
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|
Adjusted Trial Balance |
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|
July 31, 2005 |
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|
Debit |
Credit |
|
|
Cash |
14,840 |
|
|
Account receivable |
8,780 |
|
|
Equipment |
15,900 |
|
|
Accumulated depreciation |
5,400 |
|
|
Account payable |
4,220 |
|
|
Unearned rent revenue |
1,800 |
|
|
C.J.Lanza, capital |
45,200 |
|
|
C.J.Lanza, drawing |
16,000 |
|
|
Commission revenue |
67,000 |
|
|
Rent revenue |
6,500 |
|
|
Depreciation expense |
4,000 |
|
|
Salaries expense |
55,700 |
|
|
Utilities expense |
14,900 |
|
|
RM 130,120 |
RM 130,120 |
|
Instructions
a) Prepare the closing entries.
b) Prepare a post closing trial balance as at July 31 2005.