A ? Elias Real Estate Appraisal 2 Adjusted Trial...

A ? Elias Real Estate Appraisal 2 Adjusted Trial Balance B C D E B 30-Jun-18 7 Balance 5 Account Title Debit Credit 5 Cash $4,400 7 Accounts Receivable 5,500 B Office Supplies 2,300 9 Prepaid Insurance 2,600 0 Land 12,600 1 Building 76,000 2 Accumulated Depreciation, ÄîBuilding $25,500 3 Accounts Payable 19,000 4 Interest Payable 8,700 5 Salaries Payable 1,600 6 Unearned Revenue 10,900 7 Notes Payable (long-term) 35,000 8 Elias, Capital 38,000 9 Elias, Withdrawals 26,700 0 Service Revenue 47,800 1 Insurance Expense 4,700 2 Salaries Expense 32,900 3 Supplies Expense 100 4 Interest Expense 8,700 5 Utilities Expense 2,400 6 Depreciation Expense, ÄîBuilding 7,600 7 Total $186,500 $186,500 8 9 0

Thanks for your feedback!

The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2018, follows: Requirement 1: Prepare the company's income statement for the year ended June 30, 2018. Requirement 2: Prepare the company's statement of owner's equity for the year ended June 30 (assume no owner contribution). Requirement 3: Prepare the company's classified balance sheet in report form at June 30. Requirement 4: Journalize the closing entries. Start with closing revenues, expenses, income summary, and then withdrawals. Requirement 5: T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. Use "Clos." and the corresponding number as shown in the journal entry as posting references. "Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close the Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account. Review the closing journal entries you prepared above. *** I am confused about the T accounts *** A B C D E Elias Real Estate Appraisal Adjusted Trial Balance 30-Jun-18 Balance Debit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation, Building Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Elias, Capital Elias, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense, Building Total Credit $4,400 $5,500 $2,300 $2,600 $12,600 $76,000 0 1 2 $25,500 $19,000 $8,700 $1,600 $10,900 $35,000 $38,000 3 6 8 6 0 $26,700 $47,800 $4,700 $32,900 $100 $8,700 $2,400 $7,600 $186,500 6 7 8 $186,500 0

Play audio

Feedback

Question

Please give Ace some feedback