تم الحل ✓
categoryالقانون
schoolبكالوريوس
event_available2026-07-15
السؤال
Transcribed Image Text:
Journalize and post closing entries,
and prepare a post-closing trial
balance.
E4.8 (LO 2) Plevin Company ended its fiscal year on July 31, 2020. The company's adjusted trial bal-
ance as of the end of its fiscal year is shown as follows.
Plevin Company
Adjusted Trial Balance
July 31, 2020
No.
Account Titles
Debit
Credit
101
Cash
$ 9,840
112
Accounts Receivable
8,780
157
158
Equipment
Accumulated Depreciation-Equip
15,900
$ 7,400
201
Accounts Payable
4,220
208
Unearned Reet Revenue
1.800
311
Common Stock
20,000
320
Retained Earnings
25.200
332
Dividends
16,000
400
Service Revenue
64,000
429
Rent Revenue
6,500
711
Depreciation Expense
8,000
726
Salaries and Wages Expense
55,700
732 Utilities Expense
14,900
$129,120
$129,120
Instructions
a. Prepare the closing entries using page J15.
b. Post to the Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)
c. Prepare a post-closing trial balance at July 31.
E4.9 (LO 4) The adjusted trial balance for Plevin Company is presented in E4.8.
Instructions
a. Prepare an income statement and a retained earnings statement for the year.
b. Prepare a classified balance sheet at July 31.
Exercises 4-41
Prepare financial statements
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