Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)
Start by closing revenues.
DATE
ACCOUNTS AND EXPLANATION
DEBIT
CREDIT
JUN. 30
?
?
?
CLOS. (1)
?
?
?
?
?
?
?
?
?
?
Close expenses for the period.
DATE
ACCOUNTS AND EXPLANATION
DEBIT
CREDIT
JUN. 30
?
?
?
CLOS. (2)
?
?
?
?
?
?
?
?
?
?
Close Income Summary.
DATE
ACCOUNTS AND EXPLANATION
DEBIT
CREDIT
JUN. 30
?
?
?
CLOS. (3)
?
?
?
?
?
?
?
?
?
?
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)
Start by closing revenues.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (1) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close expenses for the period.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (2) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Close Income Summary.
| DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
| JUN. 30 | ? | ? | ? |
| CLOS. (3) | ? | ? | ? |
| ? | ? | ? | |
| ? | ? | ? | |
| ? |
Related questions
| Cash | Accounts Payable | Service Revenue | |||||||||||
| Bal. | 4,400 | 19,400 | Bal. | Clos. (1) | 48,300 | 48,300 | Bal. | ||||||
| Bal. | 4,400 | 19,400 | Bal. | 0 | Bal. | ||||||||
| Accounts Receivable | Interest Payable | Insurance Expense | |||||||||||
| Bal. | 4,500 | 8,000 | Bal. | Bal. | 5,000 | 5,000 | Clos. (2) | ||||||
| Bal. | 4,500 | 8,000 | Bal. | Bal. | 0 | ||||||||
| Office Supplies | Salaries Payable | Salaries Expense | |||||||||||
| Bal. | 2,700 | 2,200 | Bal. | Bal. | 32,900 | 32,900 | Clos. (2) | ||||||
| Bal. | 2,700 | 2,200 | Bal. | Bal. | 0 | ||||||||
| Prepaid Insurance | Unearned Revenue | Supplies Expense | |||||||||||
| Bal. | 1,900 | 7,100 | Bal. | Bal. | 900 | 900 | Clos. (2) | ||||||
| Bal. | 1,900 | 7,100 | Bal. | Bal. | 0 | ||||||||
| Land | Notes Payable | Interest Expense | |||||||||||
| Bal. | 13,200 | 37,000 | Bal. | Bal. | 8,000 | 8,000 | Clos. (2) | ||||||
| Bal. | 13,200 | 37,000 | Bal. | Bal. | 0 | ||||||||
| Building | Estrada, Capital | Utilities Expense | |||||||||||
| Bal. | 77,000 | Clos. (3) | 8,000 | 40,000 | Bal. | Bal. | 1,800 | 1,800 | Clos. (2) | ||||
| Bal. | 77,000 | Clos. (4) | 27,500 | Bal. | 0 | ||||||||
| 4,500 | Bal. | ||||||||||||
| Accumulated Depr.âBuilding | Estrada, Withdrawals | Depreciation ExpenseâBuilding | |||||||||||
| 25,500 | Bal. | Bal. | 27,500 | 27,500 | Clos. (4) | Bal. | 7,700 | 7,700 | Clos. (2) | ||||
| 25,500 | Bal. | Bal. | 0 | Bal. | 0 | ||||||||
| Income Summary | |||||||||||||
| Clos. (2) | 56,300 | 48,300 | Clos. (1) | ||||||||||
| Bal. | 8,000 | 8,000 | Clos. (3) | ||||||||||
| 0 | Bal. | ||||||||||||
QUESTION: . Prepare theâ company's post-closing trial balance at June 30, 2018.
| Estrada Real Estate Appraisal | |||
| Post-Closing Trial Balance | |||
| June 30, 2018 |
| Balance | |||||
| Account Title | Debit | Credit | |||
| | |||||
| Total | |||||
Estrada Real Estate Appraisal
Adjusted Trial Balance
June 30, 2018
Balance
Account Title
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 6.) Prepare theâ company's classified balance sheet in report form at June 30, 2018. (If a box is not used in the balanceâ sheet, leave the boxâ empty; do not select a label or enter aâ zero.)
Estrada Real Estate Appraisal
Balance Sheet
June 30, 2018
| ASSETS |
| ? | |||
| ? | |||
| _____?___ | |||
| ? | ? | ||
| ? | |||
| ? | ? | ||
| ? | ? | ||
| LESS: | _______? | ________? | |
| ? | __?______ | ||
| ? | ? |
| LIABILITIES |
| ? | |||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ______? | ||
| ? | ? | ||
| ? | |||
| ? | ______? | ||
| ? | ? |
| OWNERâS EQUITY |
| ? | _?___________ |
| ? | ? |
