E4-8 Apachi Company ended its fiscal year on July 31, 2008. The company’s adjusted trial
balance as of the end of its fiscal year is as shown below
| Apachi Company | |||
| Adjusted Trial Balance | |||
| 31-Jul-08 | |||
| No. | Account Titles | Debits | Credits |
| 101 | Cash | 14,840 | |
| 112 | Accounts Receivable | 8,780 | |
| 157 | Equipment | 15,900 | |
| 167 | Accumulated Depreciation | 7,400 | |
| 201 | Accounts Payable | 4,220 | |
| 208 | Unearned Rent Revenue | 1,800 | |
| 311 | Common stock | 20,000 | |
| 320 | Retained earnings | 25,200 | |
| 332 | Dividends | 16,000 | |
| 404 | Commission revenue | 65,000 | |
| 429 | Rent revenue | 6,500 | |
| 711 | Depreciation expense | 4,000 | |
| 720 | Salaries expense | 55,700 | |
| 732 | Utilities expense | 14,900 | |
| 130,120 | 130,120 | ||
Instructions
(a) Prepare the closing entries using page J15.
(b) Post to Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)
(c) Prepare a post-closing trial balance at July 31.
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