Okabe Company ended its fiscal year on July 31, 2017. The company’s adjusted trial balance as of the end of its fiscal year is shown below OKABE COMPANY
Adjusted Trial Balance
July 31, 2017
No.
Account Titles
Debit
Credit
101
Cash
$ 9,840

112
Accounts Receivable
8,780

157
Equipment
15,900

Accumulated Depreciation—Equip.
$ 7,400

201
Accounts Payable

4,220
208
Unearned Rent Revenue

1,800
301
Owner’s Capital

45,200
306
Owner’s Drawings
16,000

400
Service Revenue

64,000
429
Rent Revenue
6,500
6,500
711
Depreciation Expense
8,000

726
Salaries and Wages Expense
55,700

732
Utilities Expense
14,900

$129,120
$129,120

Instructions
a. Prepare the closing entries using page J15.
b. Post to Owner’s Capital and No. 350 Income Summary accounts. (Use the three-column form.)
c. Prepare a post-closing trial balance at July 31.
d. Prepare a classified balance sheet at July 31.