E4-8 Okabe Company ended its fi scal year on July 31, 2017. The company’s adjusted trial balance as of the end of its fi scal year is shown below. Journalize and post closing entries, and prepare a postclosing trial balance. (LO 2)
VICTORIA LEE COMPANY Adjusted Trial Balance For the Month Ended June 30, 2017
Adjusted Trial Balance Account Titles Debit Credit Cash $ 3,712 Accounts Receivable 3,904 Supplies 480 Accounts Payable $ 1,382 Unearned Service Revenue 160 Owner’s Capital 5,760 Owner’s Drawings 550 Service Revenue 4,300 Salaries and Wages Expense 1,260 Miscellaneous Expense 256 Supplies Expense 1,900 Salaries and Wages Payable 460 $12,062 $12,062
OKABE COMPANY Adjusted Trial Balance July 31, 2017
No. Account Titles Debit Credit 101 Cash $ 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 158 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 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120
Instructions (a) Prepare the closing entries using page J15. (b) Post to Owner’s Capital and No. 350 Income Summary accounts. (Use the three-column form.) (c) Prepare a post-closing trial balance at July 31.