I c a g, when should it recor Dictionary GOU Por GCU Portal oudo 251 of 1039 4 P

Question

I c a g, when should it recor Dictionary GOU Por GCU Portal oudo 251 of 1039 4 P4-28A Preparing financial statements incduding a dlasifited balance sheet in and posting closing entries, and preparing a report form, p post-closing trial balance of Elmo Real Estate Appraisal at june 30, 2016, fo ELMO REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2016 Balance Account Tite Debit Credit Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation- B $ 4,900 4,800 2,700 1,900 79,000 12,600 Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long- Elmo, Capital Elmo, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense 19,300 1,700 42,000 43,000 48,400 4,000 33.900 200 2,800 7300 Depreciation E Total S 190,100S 190,100 glish (US)

Explanation / Answer

1 Income statement Service revenue 48400 expenses Insurance expense 4000 Salaries expense 33900 Supplies expense 200 Interest expense 8300 Utilities expense 2800 Depreciation expense 7900 Total expense 57100 Net income -8700 2 Owners equity Beginning Elmo capital 43000 Add Net income -8700 34300 Less Withdrawals 27100 Ending Elmo capital 7200 3 Balance sheet Assets Current assets Cash 4900 Accounts receivable 4800 Office supplies 2700 Prepaid insurance 1900 Total current assets 14300 Plant property and equipment Building 79000 Accumulated depreciation building -26600 Land 12600 Total plant property and equipment 65000 Total assets 79300 Liabilities and owners equity Liabilities Current liabilities Accounts payable 19300 Interest payable 8300 Salaries payable 1700 Unearned revenue 800 Total current liabiities 30100 Notes payable long term 42000 Total liabilities 72100 Onwers equity Almo capital 7200 Total liabilities and shareholders equity 79300 4 Closing entries a Service revenue 48400                   Income summary 48400 b Income summary 57100             Insurance expense 4000             Salaries expense 33900             Supplies expense 200             Interest expense 8300             Utilities expense 2800             Depreciation expense 7900 c Emlo capital 8700             Income summary 8700 d Emlo capital 27100             Emlo withdrawals 27100

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