Reference no: EM132517896
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 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 9 200 $412 340 $412 340 Profit for the period
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.
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