P4-28A Journalizing adjusting and closing entries [45-60 min]
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow:
ELIAS REAL ESTATE APPRAISAL COMPANY
Unadjusted Trial Balance
June 30, 2012
Cash 4,900
Accounts receivable 4,000
Supplies 3,000
so on ....
Adjustment data at June 30, 2012:
a. Prepaid insurance expired, $300.
b. Accrued service revenue, $1,300.
c. Accrued salary expense, $900.
d. Depreciation for the year, $8,500.
e. Supplies used during the year, $600.
Requirements
1. Open T-accounts for Elias, capital and all the accounts that follow on the trial balance. Insert their unadjusted balances. Also open a T-account for Income summary, which has a zero balance.
2. Journalize the adjusting entries and post to the accounts that you opened. Show the balance of each revenue account and each expense account.
3. Journalize the closing entries and post to the accounts that you opened. Draw double underlines under each account balance that you close to zero.
4. Compute the ending balance of Elias, capital.
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