27 Feb Turner Company ended its fiscal year on July 31, 2
Turner Company ended its fiscal year on July 31, 2012. The company’s adjusted trial balance as of the end of its fiscal year is as shown below. TURNER COMPANY Adjusted Trial Balance July 31, 2012 No. Account Titles Debits Credits 101 Cash $ 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 167 Accumulated DepreciationEquip. $ 7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 301 Owner’s Capital 45,200 306 Owner’s Drawings 16,000 404 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 8,000 720 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120Instructions(a) Prepare the closing entries using page J15.(b) Post to Owner’s Capital and No. 350 Income Summary accounts.(c) Prepare a post-closing trial balance at July 31.
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