Question Worksheet and closing entries
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 | |||
| 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 | |||||
| Accumulated Depreciation | 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 | ||||||
| Totals | ||||||
Required
(a) Complete the worksheet.
(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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