I need help with posting a closing trail sheet Exercise 4-8 (Part Level Submissi

Question

I need help with posting a closing trail sheet

Exercise 4-8 (Part Level Submission) Plevin Company ended its fiscal year on July 31, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below. PLEVIN COMPANY Adjusted Trial Balance July 31, 2017 Credit No. 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-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 Account Titles Debit $8,650 9,000 16,200 $8,000 4,000 2,200 17,350 27,000 16,500 63,000 7,000 7,000 56,200 15,000 $128,550 $128,550

Explanation / Answer

Plevin Company-Post Trail Balance at July 31,2017

Note:

1.Post Closing Trail balnce is prepared after closing entries are made,so all the nominalaccounts get closed.

2.It contains only Real accounts.

3.Its purpose is to test the eqality between debits and credits after passing closing entries.

Particulars Debit($) Credit($) Retained Earnings 0 2300 Cash 8650 0 Dividends 0 0 Rent Revenue 0 0 Service Revenue 0 0 Utilities Expense 0 0 Salaries and wages 0 0 Accounts Receivable and Payable 9000 4000

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