Crane Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows.
Crane Company
Adjusted Trial Balance
July 31, 2022
No.
Account Titles
Debit
Credit
101
Cash
$8,400
112
Accounts Receivable
8,700
157
Equipment
16,400
158 Accumulated Depreciation-Equip.
$7,000
201
Accounts Payable
4,200
208 Unearned Rent Revenue
2,000
301
Owner's Capital
44,600
306
Owner's Drawings
16,100
400
Service Revenue
65,000
429
Rent Revenue
6,300
711
Depreciation Expense
8,000
726
Salaries and Wages Expense
56,000
732
Utilities Expense
15,500
$129,100
$129,100
Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part.
Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Owner's Capital
Date Explanation
July
Close Net Income/Loss
31
July
31
Close Drawings
July
Balance
31
Date Explanation
Debit
-8200
16100
Credit
Income Summary
Debit
Credit
July
31
Close Revenues
July
31
Close Expenses
79500
July
Close Net Income/Loss
-8200
31
71300
No. 301
Balance
-8200
7900
7900
No. 350
Balance
71300
-8200
0
