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Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash...

Ernest Real Estate Appraisal

Adjusted Trial Balance

June 30, 2018

Balance

Account Title

Debit

Credit

Cash

$5,000

Accounts Receivable

5,500

Office Supplies

2,400

Prepaid Insurance

2,700

Land

13,200

Building

79,000

Accumulated Depreciation—Building

$25,300

Accounts Payable

19,400

Interest Payable

8,000

Salaries Payable

1,700

Unearned Revenue

700

Notes Payable (long-term)

45,000

Common Stock

6,000

Retained Earnings

35,000

Dividends

26,000

Service Revenue

47,800

Insurance Expense

3,900

Salaries Expense

32,600

Supplies Expense

900

Interest Expense

8,000

Utilities Expense

1,800

Depreciation Expense—Building

7,900

Total

$188,900

$188,900

1.

 Prepare the company's income statement for the year ended

June 30 comma 2018June 30, 2018.

2.

 Prepare the company's statement of retained earnings for the year ended

June 30 comma 2018June 30, 2018.

3.

 Prepare the company's classified balance sheet in report form at

June 30, 2018.

4.

Journalize the closing entries.

5.

T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts.

6.

 Prepare the company's post-closing trial balance at

JJune 30, 2018.



Solutions

Expert Solution

ekkarill92 answered 1 month ago
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