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Prepare to owner capital and income summary accounts

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Reference no: EM132473720

Blossom 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.

                                          Blossom Company

                                                 Adjusted Trial Balance

                                               July 31, 2020

No.                        Account Titles                       Debit                       Credit

101                      Cash                           $10,800

112                  Accounts Receivable             9,200

157                  Equipment                         16,000

158             Accumulated Depreciation-Equip.                          $7,800

201                  Accounts Payable                                           4,500

208                Unearned Rent Revenue                                     1,800

301                   Owner's Capital                                             45,000

306                  Owner's Drawings               15,700

400                Service Revenue                                              63,800

429                Rent Revenue                                                   6,600

711            Depreciation Expense                7,000

726         Salaries and Wages Expense         56,000

732            Utilities Expense                       14,800

Total:                                                   $129,500                  $129,500

Question 1: How do I Prepare the closing entries.?

Question 2: Post to Owner's Capital and Income Summary accounts.?

Question 3: Prepare post-closing trial balance at July 31?

Reference no: EM132473720

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