Solution-How to prepare the closing entries necessary

How to prepare the closing entries necessary

Reference no: EM132582476

The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.

ELLIOT PAINTING SERVICES
Worksheet (Partial)
for the year ended 30 June 2019

Account	Adjusted trial balance				Income statement		Balance sheet
Account	Debit		Credit		Debit	Credit	Debit	Credit
Cash at Bank	1	230
Accounts Receivable	75	600
Prepaid Rent	1	800
Office Supplies	8	320
Equipment	160	000
Accum. Depr. Equip't			25	000
Accounts Payable			54	000
Salaries Payable			8	760
Unearned Revenue			3	430
F. Elliot, Capital			101	500
F. Elliot, Drawings	22	000
Painting Revenue			219	650
Salaries Expense	106	000
Rent Expense	6	050
Depreciation Expense	8	040
Telephone Expense	4	020
Office Supplies Used	10	080
Sundry Expenses Profit for the period	9	200
	$412	340	$412	340
	$412	340	$412	340

Required:

Question a) Complete the worksheet

Question b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity's accounting period.

Reference no: EM132582476

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How to prepare the closing entries necessary

Reference no: EM132582476

Reference no: EM132582476

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