Ayayai Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,800...

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Ayayai Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,800 112 Accounts Receivable

Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of Joumal entries presented in the prev

epare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.)

business accounting

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Answer 1

Answer #1

T account

Retained earnings
Date	explanation	ref	Debit	Credit	Balance
July 31	Balance	J15			26000
July 31	Close net income	J15	8000		18000
July 31	Close dividend	J15	16300		1700
Income summary
Date	explanation	ref	Debit	Credit	Balance
July 31	Close revenue			70500	70500
July 31	Close expense		78500		8000

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Answer 2

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