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Apachi Company ended its fiscal year on July 31, 2011. The company's adjusted trial balance as of the end of its fiscal year is as shown at the top of page 186.
APACHI COMPANY
Adjusted Trial Balance
July 31, 2011
No.
Account Titles
Debits
Credits
101
Cash
$ 14,840
112
Accounts Receivable
8,780
157
Equipment
15,900
167
Accumulated Depreciation
$ 7,400
201
Accounts Payable
4,220
208
Unearned Rent Revenue
1,800
311
Common Stock
20,000
320
Retained Earnings
25,200
332
Dividends
16,000
404
Commission Revenue
65,000
429
Rent Revenue
6,500
711
Depreciation Expense
4,000
720
Salaries Expense
55,700
732
Utilities Expense
14,900
$130,120
Instructions
(a) Prepare the closing entries using page J15.
(b) Post to Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.)
(c) Prepare a post-closing trial balance at July 31.
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