closing entries for accouting and post-closing trial balances

FratBro23
Category:
Accounting
Price: $10 USD

Question description

Kristen Company ended its fiscal year on July 31, 2014. The company's adjusted trial balance as of the end of its fiscal year is as shown below.

Kristen Company

Adjusted Trial Balance

July 31, 2014

No.

Account Titles

Debits

Credits

101

Cash

$  9,840

112

Accounts Receivable

8,140

157

Equipment

15,900

167

Accumulated Depreciation—Equip.

$  5,400

201

Accounts Payable

2,220

208

Unearned Rent Revenue

3,800

311

Common Stock

18,000

320

Retained Earnings

20,260

332

Dividends

12,000

404

Service Revenue

64,000

429

Rent Revenue

6,500

711

Depreciation Expense

3,700

720

Salaries and Wages Expense

55,700

732

Utilities Expense

14,900

$120,180

$120,180

Instructions

(a) 

Prepare the closing entries.

(b) 

Post to Retained Earnings and No. 350 Income Summary accounts.

(c) 

Prepare a post-closing trial balance at July 31.


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Duke University
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