fill in charts en Assignment CALCULATOR MESSAGE M Exercise 4

fill in charts

en Assignment CALCULATOR MESSAGE M Exercise 4-8 ded its fiscal year on July 31, 2019. The company\'s adjusted trial balance as of the end of its fiscal year is shown below e 4-6 Whispering Winds Company Adjusted Trial Balance July 31, 2019 13 15 24 No. Account Titles Debit Credit 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock $8,450 9,000 16,300 ults by tive $7,500 4,100 2,200 17,950 25,000 320 Retained Earnings 332 Dividends 15,500 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 7,000 56,500 732 Utilities Expense 14,500 $127,750 $127,750 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) are automatically All Rights Reserved. A Division of lohn Wiley & Sons Inc

Solution

Closing entries Debit Credit 1 Service revenue 64000 Rent revenue 7000              Income summary 71000 2 Income summary 78500               Depreciation expense 7500               Salaries and wages expense 56500               utilities expense 14500 3 Retained earnings 7500 (78500-71000)               Income summary 7500 4 Retained earnings 15500              Dividend 15500 Post closing trial balance Debit Credit Cash 8450 Accounts receivable 9000 Equipment 16300 Accumulated depreciation equipment 7500 Accounts payable 4100 Unearned revenue 2200 Common stock 17950 Retained earnings 2000 (25000-7500-15500) Total 33750 33750 Retained earnings Debit Credit Balance Jul-31 25000 Jul-31 Income summary 7500 17500 Jul-31 Dividend 15500 2000 Income summary Debit Credit Balance Revenue 71000 71000 Expenses 78500 7500 Retained earnings 7500 0