Tahir and Co. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. (Marks 10)
Debit Credit
Cash 4,360
Accumulated Depreciation—Equipment 700
Accounts Receivable 480
Notes Payable 3,000
Prepaid Rent 620
Accounts Payable 790
Supplies 1,020
Salaries and Wages Payable 300
Equipment 9,000
Interest Payable 40
Owner’s Drawings 1,500
Unearned Rent Revenue 400
Salaries and Wages Expense 7,400
Owner’s Capital 8,200
Rent Expense 1,200
Service Revenue 11,360
Depreciation Expense 600
Rent Revenue 2,000
Supplies Expense 160
Utilities Expense 410
Interest Expense 40
Total 26,790 26,790
a) Journalize the closing entries
b) Prepare the income statement for the quarter April 1 to June 30.
c) Prepare the balance sheet at June 30, 2017, for Tahir and Company.