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    kuakie Posts: 1, Reputation: 1
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    Oct 25, 2013, 04:43 AM
    APACHI Company
    Hello - this is my first time out here... I have an accounting question on income summary... I just can't get the debit side of it, I will try to send it along and if anyone can help me find my missing blanks... I have most of it done, just cant't get the income summary and closing trial balance right, I hope it goes through... thanks... so much..
    Adjusted Trial Balance
    July 31, 2005

    No. Account Titles Debits Credits
    101 Cash $14,840
    112 Accounts Receivable 8,780
    157 Equipment 15,900
    167 Accumulated Depreciation $5,400
    201 Accounts Payable 4,220
    208 Unearned Rent Revenue 1,800
    301 Share , Capital Ordinary 20.000
    Retained Earning 25,200
    306 Dividend 16,000
    404 Commission Revenue 67,000
    429 Rent Revenue 6,500
    711 Depreciation Expense 4,000
    720 Salaries Expense 55,700
    732 Utilities Expense 14,900
    130,120 130,120

    Instructions

    (a) Prepare the closing entries.
    General Journal
    J15

    Date Account Titles and explanation Ref. Debit Credit
    July 31 Commission Revenue 404 67,000
    Rent Revenue 429 6,500
    Income Summary 350 73,500

    31 Income Summary 350 74,600
    Salaries Expense 720 55,700
    Utilities Expense 732 14,900
    Depreciation Expense 711 4,000

    31 C. J. Lanza, Capital 301
    Income Summary 350

    31 C. J. Lanza, Capital 301
    C. J. Lanza, Drawing 306 16,000



    (b) Post to C. J. Lanza, Capital and No. 350 Income Summary accounts.


    C. J. Lanza, Capital No. 301

    Date Explanation Ref. Debit Credit Balance
    July 31 Balance 45,200
    31 Close net loss J15
    31 Close drawing J15 16,000

    Income Summary No. 350

    Date Explanation Ref. Debit Credit Balance
    July 31 Close revenue J15
    31 Close expense J15 74,600 ( )
    31 Transfer net loss J15 0


    (c) Prepare a post-closing trial balance at July 31.



    LANZA COMPANY
    Post-Closing Trial Balance
    July 31, 2005



    Debit
    Credit

    Cash $14,840
    Accounts Receivable 8,780
    Equipment 15,900
    Accumulated Depreciation $ 5,400
    Accounts Payable 4,220
    Unearned Rent Revenue 1,800
    Share Capital Ordinary 20.000

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