ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit $ 4,600 Cash Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 33,500 Salaries Expense Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 $193,000 $193,000 Total Requirements 1. Prepare the company's income statement for the year ended June 30, 2018 Net Loss $(9,500) 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018 3. Prepare the company's classified balance sheet in report form at June 30, 2018 4. Journalize the closing entries. 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, 2018.

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ERICKSON REAL ESTATE APPRAISAL
Adjusted Trial Balance
June 30, 2018
Balance
Account Title
Debit
Credit
$ 4,600
Cash
Accounts Receivable
5,300
Office Supplies
1,500
Prepaid Insurance
1,700
Land
13,000
Building
82,000
Accumulated Depreciation-Building
$25,200
Accounts Payable
18,700
Interest Payable
8,500
Salaries Payable
2,400
Unearned Revenue
7,600
Notes Payable (long-term)
40,000
Common Stock
3,000
Retained Earnings
39,500
Dividends
27,300
Service Revenue
48,100
Insurance Expense
4,400
33,500
Salaries Expense
Supplies Expense
300
Interest Expense
8,500
Utilities Expense
2,700
Depreciation Expense-Building
8,200
$193,000
$193,000
Total

Image Transcription

ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit $ 4,600 Cash Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 33,500 Salaries Expense Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 $193,000 $193,000 Total

Requirements
1. Prepare the company's income statement for the year ended June 30, 2018
Net Loss $(9,500)
2. Prepare the company's statement of retained earnings for the year ended June
30, 2018
3. Prepare the company's classified balance sheet in report form at June 30, 2018
4. Journalize the closing entries.
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, 2018.

Image Transcription

Requirements 1. Prepare the company's income statement for the year ended June 30, 2018 Net Loss $(9,500) 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018 3. Prepare the company's classified balance sheet in report form at June 30, 2018 4. Journalize the closing entries. 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, 2018.

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