Ayayai Company ended its fiscal year on July 31, 2019. The company\'s adjusted t

Question

Ayayai Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. Ayayal Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit $9,700 8,500 16,500 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Deprecation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense $7,700 4,050 2,100 18,350 26,000 16,000 64,500 6,500 6,500 56,500 15,500 129,200 129,200

Explanation / Answer

Answer:

1

Date

Description

Debit $

credit $

31-Jul

Service revenue

64500

Rent Revenue

6500

Income Summary

71000

31-Jul

Income Summary

78500

depreciation expanses

6500

Salary and wages expanses

56500

Utility Expanses

15500

31-Jul

Retained Earning

-7500

Income Summary (71000-78500)

-7500

31-Jul

Retained Earning

16000

Dividend

16000

2

Retained Earning

Date

Explanation

Ref

Debit

Credit

bal

31-Jul

balance

26000

31-Jul

Close net income/Loss

7500

18500

31-Jul

Close Dividend

16000

2500

Income Summary

Date

Explanation

Ref

Debit

Credit

bal

31-Jul

Close Revenue

71000

71000

31-Jul

Close Expanses

78500

-7500

31-Jul

Close net income/Loss

0

7500

0

Date

Description

Debit $

credit $

31-Jul

Service revenue

64500

Rent Revenue

6500

Income Summary

71000

31-Jul

Income Summary

78500

depreciation expanses

6500

Salary and wages expanses

56500

Utility Expanses

15500

31-Jul

Retained Earning

-7500

Income Summary (71000-78500)

-7500

31-Jul

Retained Earning

16000

Dividend

16000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.