Reference no: EM13582719

Adjusted Trial Balance

June 30, 2014

	Balance
Account Title	Debit	Credit
Cash	$ 4,900
Accounts Receivable	5,300
Office Supplies	2,400
Prepaid Insurance	1,800
Building	74,400
Accumulated Depreciation-Building		$ 26,700
Land	13,600
Accounts Payable		19,500
Interest Payable		8,800
Salaries Payable		2,200
Unearned Revenue		1,300
Notes Payable (long-term)		40,000
Elias, Capital		40,500
Elias, Withdrawals	27,900
Service Revenue		48,200
Insurance Expense	4,500
Salaries Expense	33,300
Supplies Expense	600
Interest Expense	8,800
Utilities Expense	2,200
Depreciation Expense-Building	7,500
Total	$ 187,200	$ 187,200

Net Loss $(8,700)

Requirements

1. Prepare the company's income statement for the year ended June 30, 2014

2. Prepare the company's statement of owner's equity for the year ended June 30, 2014. Assume that there were no contributions made by the owner during the year.

3. Prepare the company's classified balance sheet in report form at June 30, 2014

4. Journalize the closing enteries

5. Open the T-accounts using the balances from the adjusted trial balance and post the closing entries to the T-accounts.

6. Prepare the company's post closing trial balance at June 30, 2014