The adjusted trial balance of Lana Company at the end of its fiscal year is as follows:
|
LANZA COMPANY Adjusted Trial Balance July 31, 2008 |
|||
|
No |
Account Titles |
Debit |
Credit |
|
101 |
Cash |
$14,840 |
|
|
112 |
Accounts Receivable |
8,780 |
|
|
157 |
Equipment |
15,900 |
|
|
167 |
Accumulated |
$5,400 |
|
|
201 |
Accounts Payable |
4,220 |
|
|
208 |
Unearned Rent |
1,800 |
|
|
311 |
Common Stock |
20,000 |
|
|
320 |
Retained Earnings |
25,200 |
|
|
332 |
Dividends |
16,000 |
|
|
404 |
Commission |
67,000 |
|
|
429 |
Rent Revenue |
6,500 |
|
|
711 |
Depreciation |
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 on July 31.
(d) Prepare an income statement and a retained earnings statement for the year ended July 31, 2008. There were no issuances of stock during the year.
(e) Prepare a classified balance sheet on July 31.