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

Are you need any help? Contact Us now.

Most Reading Solutions

Problem-15: Corporations: Dividends, Retained Earnings, and Income Reporting

Dirk Company reported the following balances at December 31, 2020; common stock $500,000, paid-in-ca...

Problem-16: Process Costing

Baden Company has gathered the following information. Instruction Compute equivalent units of pr...

How many numbers greater than a million can be formed with the digits, 1, 7, 1, 0, 7, 3, 7?

Content will update later

Problem-36: Chi-Square and Analysis of Variance

Genes-and-Jeans, Inc., offers clones of such popular jeans as Generic, DNA, RNA, and Oops. The store...

Problem 16: Permutation

In how many ways can 3 books on Commercial Mathematics and 5 books on Secretarial Practice be placed...

Problem-8: Testing Hypotheses: One Sample Tests

For the following cases, specify which probability distribution to use in a hypothesis test: (a) H ...

If the demand and supply laws are respectively given by the equations 4q+9p=48 and p=q/9+2. Find the equilibrium price and quantity.

Problem-48: Grouping and Displaying data to convey meaning

The U.S. Department of Labor publishes several classifi cations of the unemployment rate, as well as...

Problem-07: The Straight Line. 05 Polar Equations and Oblique Cordinates (4)

Find the equation to the straight line witch passes through the point (5,6) and has intercepts on th...

Define set. Briefly discuss the different types of sets.

Problem-17: Probability Distributions

For a binomial distribution with n = 7 and p = 0.2, find

Problem-7: Completing the Accounting Cycle

The trial balance columns of the worksheet for Dixon Company at June 30, 2019, are as follows DIXON...

Problem-26: Sampling and Sampling Distributions

Food Place, a chain of 145 supermarkets, has been bought out by a larger nationwide supermarket chai...

Problem-03: Sampling and Sampling Distributions

In a sample of 16 observations from a normal distribution with a mean of 150 and a variance of 256, ...

Problem-22:Cost Volume Profit

Montier Corporation produces one product. Its cost includes direct materials, direct labor, variable...

Problem-11: Statement of Cash Flows

The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Rot...

Problem-9: Budgetary Control and Responsibility Accounting

Using the information in E24-3, assume that in July 2020, Myers Company incurs the following manufac...

Problem-21: Inventories

Smart Watch Company reported the following income statement data for a 2-year period. Smat uses a...

Problem-6: Budgetary Control and Responsibility Accounting

Durham Company uses a responsibility system. It has division in Denver, Seattle, and San Diego. Each...

Problem-02: Investments

In January 2020, the management of Kinzie Company concludes that it has sufficient cash to permit so...

Problem-12: Measures of Central Tendency and Dispersion in Frequency Distributions

Lillian Tyson has been the chairperson of the country library committee for 10 years. She contends t...

Problem-52: Probability I: Introductory Ideas

Martin Coleman, credit manager for Back's knows that the company uses three methods to encourage col...

Problem-5: Job Order Costing

Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job ...

Problem-19: Current Liabilities and Payroll Accounting

Mayberry Company has two fringe benefit plans for its employees. It grants employees 2 days' vacati...

Problem-02: Corporations: Organization and Capital Stock Transactions

Fechter Corporation had the following stockholders equity accounts on January 1, 2019: Common Stock ...

Problem 10: Permutation

How many numbers between 3000 and 4000 can be formed with the digits 1, 2, 3, 4, 5, 6?

What is cost of Capital?

Problem-8: Job Order Costing

A job order sheet for Ryan Company is Shown below. Instructions On the basis of the foregoing da...

Problem 18: Permutation

(a) In how many ways can 8 different beads be strung on a necklace? (b) In how many ways can 8 boys ...

Who are internal users of accounting data? How does accounting provide relevant data to these users?

Problem-17: Cost Volume Profit

Naylor Company had $210,000 of net income in 2019 when the selling price per unit was $150, the vari...

Problem-14: Accounting for Merchandising Operations

Tim Jarosz Company had the following account balances at year-end; Cost of Goods Sold $60,000, Inven...

Problem-13: Process Costing

The Cutting Department of Cassel company has the following production and cost data for July.Contact...

Problem-4: Plant Assets, Natural Resources and intangible Assets

At the beginning of 2015, Mazzaro Company acquired equipment costing $120,000. It was estimated that...

Problem-16: Completing the Accounting Cycle

The adjusted trial balance for McC Bowling Alley at December 31, 2019, contains the following accoun...

Problem-07: Grouping and Displaying data to convey meaning

POUNDS OF PRESSURE PER SQUARE INCH THAT CONCRETE CAN WITHSTAND 2500.22497.82496.92500.82491.62503...

Problem-13: Job Order Costing

Enos Printing Corp. uses a job order cost system. The following data summarize the operations relate...

Problem-33: Grouping and Displaying data to convey meaning

Here is a frequency distribution of the length of phone calls made by 175 people during a Labor Day ...

Problem-17: Grouping and Displaying data to convey meaning

Here are the ages of 30 people who bought video recorders at symphony Music Shop last week:

Problem-5: Accounting in Action

Financial statement information about four different companies is as follows: Instructions Det...

Problem-5: Completing the Accounting Cycle

Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions w...

Problem-13: Inventories

Kari Downs, an auditor with Wheeler CPAs, is performing a review of Depue Company's inventory accoun...

Problem-6: Accounting for Receivables

Farwell Company closes its books monthly. On September 30, selected ledger account balances are: ...

Problem-2: Accounting Information Systems

Reineke Company's chart of accounts includes the following selected accounts. 101 Cash120 Merchan...

What do you mean by Accrual vs. cash basis accounting?

Problem-3: Cost Volume Profit

Tanek Corp.'s sales slumped badly in 2020. For the first time in its history, operated at a loss. Th...

Problem-19: Long-Term Liabilities

Dreiling Company borrowed $300,000 on January 1, 2019, by issuing a $300,000, 8% mortgage note payab...

A man retires at the age of 60 years and his employer gives him a pension of Rs. 1,200 a year paid in half-yearly installments for the rest of his life. Reckoning his expectation of...

Problem-05: Probability Distributions

the only information available to you regarding the probability distribution of a set of outcomes is...

Problem-17: Long-Term Liabilities

Presented below are three independent situations. Longbine Corporation redeemed $130,000 face val...

More In Corporations: Dividends, Retained Earnings, and Income Reporting Process Costing Permutations and Combinations Chi-Square and Analysis of Variance Testing Hypotheses: One Sample Tests Equations Grouping and displaying data to convey meaning: Tables and Graphs The Straight Line. Polar Equations and Oblique Cordinates Sets Probability Distributions Completing the Accounting Cycle Sampling and Sampling Distributions Cost Volume Profit Statement of Cash Flows Budgetary Control and Responsibility Accounting Inventories Investments Measures of Central Tendency and Dispersion in Frequency Distributions Probability I: Introductory Ideas Job Order Costing Current Liabilities and Payroll Accounting Corporations: Organization and Capital Stock Transactions Cost of Capital Accounting in Action Accounting for Merchandising Operations Plant Assets, Natural Resources, and Intangible Assets Accounting for Receivables Accounting Information Systems Adjusting the Accounts Long-Term Liabilities Logarithms

Problem-12: Completing the Accounting Cycle

Instruction

Solution

Most Reading Solutions