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Exercise 4-8 (Part Level Submission) Grouper 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 Grouper Company Adjusted Trial Balance July 31, 2019 No 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip 201 Accounts Payable 208 Unearned Rent Revenue 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Account Titles Debit Credit $10,250 9,000 15,700 $7,700 4,700 1,800 20,250 25,500 15,500 65,000 6,500 9,000 56,500 15,500 $131,450 $131,450 Your answer is partially correct. Try again Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit uly 31 Service Revenue 65,000 Rent Revenue 6,500 Income Summary 71500 (To close revenue accounts) July 31 Income Summary 81000 9,000 56,500 15,500 Depreciation Expense Salaries and Wages Expense Utilities Expense (To close expense accounts) July 31 Retained Earnings 9100 Income Summary 9100 July 31 Retained Earnings 9100 Income Summary 9100 (To close net income / (loss)) July 31 Retained Earnings 15,500 Dividends 15,500 (TO close dividends) Attempts: 1 of 3 used

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