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    E4 8

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    Emirza Rahman
    1) The document shows journal entries made on July 31st for a business including revenue, expenses, owner's capital contributions and drawings. 2) It includes an income summary account showing total revenue of $70,500 and total expenses of $78,600, resulting in a net loss of $8,100. 3) A post-closing trial balance is provided showing account balances as of July 31, 2017 including cash, accounts receivable, equipment, accumulated depreciation, accounts payable, unearned revenue and owner's capital.

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    E4 8

    Uploaded by

    Emirza Rahman
    111 views1 page
    1) The document shows journal entries made on July 31st for a business including revenue, expenses, owner's capital contributions and drawings. 2) It includes an income summary account showing total revenue of $70,500 and total expenses of $78,600, resulting in a net loss of $8,100. 3) A post-closing trial balance is provided showing account balances as of July 31, 2017 including cash, accounts receivable, equipment, accumulated depreciation, accounts payable, unearned revenue and owner's capital.

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    e4-8.xlsx

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    1) The document shows journal entries made on July 31st for a business including revenue, expenses, owner's capital contributions and drawings. 2) It includes an income summary account showing total revenue of $70,500 and total expenses of $78,600, resulting in a net loss of $8,100. 3) A post-closing trial balance is provided showing account balances as of July 31, 2017 including cash, accounts receivable, equipment, accumulated depreciation, accounts payable, unearned revenue and owner's capital.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    111 views1 page

    E4 8

    Uploaded by

    Emirza Rahman
    1) The document shows journal entries made on July 31st for a business including revenue, expenses, owner's capital contributions and drawings. 2) It includes an income summary account showing total revenue of $70,500 and total expenses of $78,600, resulting in a net loss of $8,100. 3) A post-closing trial balance is provided showing account balances as of July 31, 2017 including cash, accounts receivable, equipment, accumulated depreciation, accounts payable, unearned revenue and owner's capital.

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    General Journal J15

    Date Account Titles Ref. Debit Credit


    31-Jul Service Revenue 400 64,000
    Rent Revenue 429 6,500
    Income Summary 350 70,500
    31 Income Summary 350 78,600
    Depreciation Expense 711 8,000
    Salaries and Wages Expense 726 55,700
    Utilities Expense 732 14,900
    31 Owner's Capital 301 8,100
    Income Summary 350 8,100
    Owner's Capital 301 16,000
    Owner's Drawings 306 16,000
    ==============================================================
    Owner's Capital No. 301
    Date Explanation Ref. Debit Credit Balance
    31-Jul Balance 45,200
    31 Close Net Loss J15 8,100 37,100
    31 Close Drawings J15 16,000 21,100

    Income Summary No. 350


    Date Explanation Ref. Debit Credit Balance
    31-Jul Close Revenue J15 70,500 70,500
    31 Close Expenses J15 78,600 -8,100
    31 Close Net Loss J15 8,100
    =============================================================
    OKABE COMPANY
    Post-Closing Trial Balance
    July 31, 2017
    No. Account Titles Debit Credit
    101 Cash 9,840
    112 Accounts Receivable 8,780
    157 Equipment 15,900
    158 Accumulated Depreciation - Equipment 7,400
    201 Accounts Payable 4,220
    208 Unearned Service Revenue 1,800
    301 Owner's Capital 21,100
    34,520 34,520

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