prepare the closing entries using page j15 581558

Apachi Company ended its fiscal year on July 31, 2011. The company’s adjusted trial balance as of the end of its fiscal year is as shown at the top of page 186.

APACHI COMPANY

Adjusted Trial Balance

July 31, 2011

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.