Ayayai Company ended its fiscal year on July 31, 2019

Subject:AccountingPrice:3.01 Bought5

Share With

Ayayai Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. No. Debit Credit 101 $8,000 8,500 15,500 112 157 158 201 208 Ayayai Company Adjusted Trial Balance July 31, 2019 Account Titles Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense $7,000 4,000 1,500 17,700 311 320 25,000 332 15,500 400 429 63,000 6,000 711 726 6,500 55,700 732 Utilities Expense 14,500 $124,200 $124,200 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income / (loss)) July 31 (To close dividends) Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of Retained Earnings No. 320 Date Explanation Ref Debit Credit Balance July 31 J15 July 31 J15 July 31 J15 Income Summary No. 350 Date Explanation Ref Debit Credit Balance July 31 115 July 31 J15 July 31 J15 Prepare a post-closing trial balance at July 31. Ayayai Company Post-Closing Trial Balance Debit Credit Totals