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 Accounts Receivable Prepaid Rent Office Supplies Equipment Accum. Depr. Equip't Accounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital F. Elliot, Drawings Painting Revenue Salaries Expense Rent Expense Depreciation Expense Telephone Expense Office Supplies Used Sundry Expenses 1 230 75 600 1 800 8 320 160 000 25 000 54 000 8 760 3 430 101 500 22 000 219 650 106 000 6 050 8 040 4 020 10 080 9 200 $412 340 $412 340 Profit for the period 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.

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 Accounts Receivable Prepaid Rent Office Supplies Equipment Accum. Depr. Equip't Accounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital F. Elliot, Drawings Painting Revenue Salaries Expense Rent Expense Depreciation Expense Telephone Expense Office Supplies Used Sundry Expenses 1 230 75 600 1 800 8 320 160 000 25 000 54 000 8 760 3 430 101 500 22 000 219 650 106 000 6 050 8 040 4 020 10 080 9 200 $412 340 $412 340 Profit for the period 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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 15P: Adjusting Entries At the end of 2019, Richards Company prepared a trial balance, recorded and posted...

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