Apachi Company ended its fiscal year on July 31, 2010. The company\'s adjusted t

Question

Apachi Company ended its fiscal year on July 31, 2010. The company's adjusted trial balance as of the end of its fiscal year is as shown below.

Instructions

(a) Prepare the closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

General Journal

J15

(b) Post to B.J. Apachi, Capital and No. 350 Income Summary accounts. (If answer is zero, please enter 0. Do not leave any fields blank. If balance is negative, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

B.J. Apachi, Capital

No. 101

Date

Explanation

Ref.

Debit

Credit

Balance

Close drawing

Income Summary

No. 101

Date

Explanation

Ref.

Debit

Credit

Balance

Close net loss

(c) Prepare a post-closing trial balance at July 31. (If answer is zero, please enter 0. Do not leave any fields blank.)

Explanation / Answer

Transfer of Income and expenses to P&L A/c Profit & Loss A/c Dr $74,600 To Salaries A/c $55,700 To Utilities Expense A/c $14,900 To Depreciation A/c $4,000 Commission Revenue A/c Dr $65,000 Rent Revenue A/c Dr $8,300 To Profit & Loss A/c $73,300 Transfer of Unearned revenue to Revenue A/C Unearned Rent Revenue A/ Dr $1,800 To Rent Revenue A/c $1,800 Capital withdrawls B. J. Apachi, CapitalA/c Dr $16,000 To B. J. Apachi, Drawing A/c $16,000

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