Secure https//edugen.wileyplus.com/edugen/hivmain uni Weygandt, Accounting Princ

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Secure https//edugen.wileyplus.com/edugen/hivmain uni Weygandt, Accounting Principles, 12e HeiR I Svstem Annosincements Gradebook ORION Downloadable eTextbook Okabe 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. OKABE COMPANY Adjusted Trial Balance uly 31, 2017 101 Cash 112 Accounts Receivabie 157 Equipment 158 Accumulated Depreciation-Equip 01 Accounts Payable $8,100 8,900 15,800 $7,200 4,800 1,900 44,900 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 11 Depreciation Expense 726 Seleries and Wages Expense 732 Uities Expense 16.400 64,900 6,400 9,200 36,600 $130,100 $130,100

Explanation / Answer

Journal entries

Owners Capital

Income Summary

Service revenue $ 64,900 Rent revenue $    6,400 Income summary $ 71,300 (To close revenue accounts) Income summary $ 80,900 Depreciation expense $    9,200 Salaries and wages expense $ 56,600 Utilities expense $ 15,100 (To close expense accounts) Owners capital ($80,900-$71,300) $    9,600 Income summary   $    9,600 (To close net income or loss) Owners capital $ 16,400 Owners Drawings $ 16,400 (To close drawings)

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