80.2K

Verified Solution

Link Copied!

part b "post to the retained earnings and income accounts"

- Your answer is partially correct Post to the Retained Earnings and income Summary accounts. Post entries in the order of journal entries presented in the previous part. Entr -45 or parentheseses (451 e amounts using the preceding the number No. 320 Date Explanation Retained Earnings Ref Debit - 15 Credit July 31 Balance July 31 Close Net Income Low 15 1 0600 July 31 Cose Didend 215 3 4500 No. 350 Income Summary Ref Debit Date Explanation Credit Balance July 31 Close Revenue 115 July 1 July 31 Code penes Close Feet Income.com 15 315 Textbook and Media List of Accounts 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 Service Revenue 64000 Rent Revenue 6000 Income Summary 70000 (To close revenue accounts) July 31 Income Summary 80600 Depreciation Expense 8500 Salaries and Wages Expense 56600 Utilities Expense 15500 (To close expense accounts) Retained Earnings July 31 10600 Income Summary 10600 (To close net income (loss)) July 31 Retained Earnings 14500 Miends (To cose dividends) Martinez 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. Martinez Company Adjusted Trial Balance July 31, 2019 No. Account Titles Credit Cash Debit $10,900 8,500 15.900 112 157 158 201 Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable $8.000 4550 208 Unearned Rent Revenue 2.500 311 19,850 Common Stock Retained Earnings 25,500 332 Dividends 14 500 Service Revenue 429 Rent Revenue 711 726 732 Depreciation Expense Salaries and Wages Expense Utilities Expense 64,000 6,000 8.500 56.600 15.500 $130.400 $130,400

Answer & Explanation Solved by verified expert

See Answer