Question

Plevin 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. Credit Debit $9,840 8,780 15,900 Plevin Company Adjusted Trial Balance July 31, 2019 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense 208 Une $7,400 4,220 1,800 20,000 25,200 16,000 64,000 6,500 8,000 55,700 14,900 $129,120 $129,120

Answer 1

Debit($) Credit($) 64000 6500 70500 Total Revenue = $64,000 + 6,500 =$70,500 Total Expenses = $8,000 + 55,700 + 14,900 = $78,600 Net Income (or Loss) = $70,500 - $78,600 = $8,100 Ending Retained Earnings = $25,200 Beg - $8,100 Net Loss - $16,000 Div Ending Retained Earnings = $8.100 78600 Answer; Date Account Title and Explanation Jul-31 Service Revenue Rent Revenue Income Summary [To close revenue accounts] Jul-31 Income Summary Depreciation Expense Salaries and Wages Expense Utilities Expense [To close Expenses accounts] Jul-31 Retained earnings Income Summary [To close Net Income (loss)] Jul-31 Retained earnings Dividends [To close dividends] 14900 8100 16000 16000

Ref Debit Credit | Retained Earnings Date Explanation Jul-31 Balance Jul-31 Close Net Income/Loss Jul-31 Close Dividends J15 No.320 Balance 25200 17100 1100 J15 J15 8100 16000 Debit Income Summary Date Explanation Jul-31 Close revenues Jul-31 Close Expenses Jul-31 Close Net Income/Loss Ref J15 J15 Credit 70500 No.350 Balance 70500 -8100 78600 J15 8100 Plevin Company Post Closing Trial balance July 31, 2019 Debit($) Credit($) Cash 9840 Accounts receivable 8780 Equipment 15900 Accumalated Depreciation Equipment 7400 Accounts payable 4220 Unearned rent revenue 1800 Common Stock 20000 Retained earnings 1100 Totals 34520 34520