Acc280 Financial Accounting: E4-8 Apachi Company ended its fiscal year

Acc280 Financial Accounting
E4-8
Apachi Company ended its fiscal year on July 31, 2008. The company's adjusted balance as of the end of its fiscal year is as shown:
APACHI COMPANY
Adjusted Trial Balance
July 31, 2008
Trial Balance
No. Account Titles Dr Cr

101 Cash 14,840
112 Accounts Receivables 8,780
157 Equipment 15,900
167 Accumulated Depreciation 7,400
201 Accounts Payable 4,220
208 Unearned Rent Revenue 1,800
301 B.J. Apachi, Capital 45,200
306 B.J. Apachi, Drawing 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 B.J. Apachi, Capital 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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