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Posted: December 31st, 2020

Closing entries and post closing

Question description

Kristen Company ended its fiscal year on July 31, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.Kristen CompanyAdjusted Trial BalanceJuly 31, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without DelayNo.Account TitlesDebitsCredits101Cash$  9,840112Accounts Receivable8,140157Equipment15,900167Accumulated Depreciation—Equip.$  5,400201Accounts Payable2,220208Unearned Rent Revenue3,800311Common Stock18,000320Retained Earnings20,260332Dividends12,000404Service Revenue64,000429Rent Revenue6,500711Depreciation Expense3,700720Salaries and Wages Expense55,700732Utilities Expense14,900$120,180$120,180Instructions(a) Prepare the closing entries.(b) Post to Retained Earnings and No. 350 Income Summary accounts.(c) Prepare a post-closing trial balance at July 31.

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