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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