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Sandhill Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100

Sandhill Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Sandhill Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100
Transcribed Image Text:Sandhill Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Sandhill Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $8,000 112 Accounts Receivable 9,100 157 Equipment 15,800 158 Accumulated Depreciation-Equip. $7,300 201 Accounts Payable 4,700 208 Unearned Rent Revenue 2,400 301 Owner's Capital 42,800 306 Owner's Drawings 15,900 400 Service Revenue 64,000 429 Rent Revenue 6,900 711 Depreciation Expense 8,900 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,600 $128,100 $128,100
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 drawings)
Transcribed Image Text: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 drawings)
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