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Exercise 4-08 a-c (Video) Sarasota Company ended its fiscal year on July 31, 2019. The companys adjusted trial balance as of the end of its fiscal year is shown below. Sarasota Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 9,400 157 Equipment 16,100 158 Accumulated DepreciationEquip. $7,600 201 Accounts Payable 4,100 208 Unearned Rent Revenue 1,700 311 Common Stock 18,200 320 Retained Earnings 25,600 332 Dividends 16,500 400 Service Revenue 65,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,600 726 Salaries and Wages Expense 55,900 732 Utilities Expense 15,000 $128,200 $128,200

Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income / (loss)) July 31 (To close dividends)

Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Retained Earnings No. 320 Date Explanation Ref Debit Credit Balance July 31 Close Net Income/LossClose ExpensesClose RevenuesClose DividendsBalance J15 July 31 Close DividendsClose RevenuesClose ExpensesClose Net Income/LossBalance J15 July 31 BalanceClose RevenuesClose DividendsClose Net Income/LossClose Expenses J15

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