Okabe Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below

Okabe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is shown below

Okabe Company
Adjusted Trial Blance
July 31, 2020

Instruction

journalize the closing entries using page J15.
Post to Owner's Capital and No. 350 Income Summary accounts. (Use the three-column form.)
Prepare a post-closing trial balance at July 31.

Solution

Okabe Company
Closing Journal Entries

Okabe Company
Three-column form

Okabe Company
Post-Closing Trial Balance
July 31, 2020

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Problem-12: Completing the Accounting Cycle

Instruction

Solution

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