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Exercise 4-8 Apachi July 31

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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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