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Phoebe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Credit No. 101 112 157 158 201 208 301 306 400 429 711 Phoebe Company Adjusted Trial Balance July 31, 2020 Account Titles Debit Cash $9,840 Accounts Receivable 8,780 Equipment 15,900 Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings 16,000 Service Revenue Rent Revenue Depreciation Expense 8,000 Salaries and Wages Expense 55,700 Utilities Expense 14,900 $129,120 $7,400 4,220 1,800 45,200 64,000 6,500 726 732 $129,120 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit July 31 Credit (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close net income/(loss)) July 31 (To close drawings) 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 Debit No. 301 Date Explanation Credit Balance July 31 July 31 July 31 Income Summary Debit No. 350 Balance Date Credit Explanation July 31 July 31 July 31 Prepare a post-closing trial balance at July 31. PHOEBE COMPANY Post-Closing Trial Balance Debit Credit s S S S Totals

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