The trial balance for the Hoyt Insurance Agency as of June 30, after the firm has completed its first month of operations, follows.

Instructions 1. Record the trial balance in the Trial Balance columns of the work sheet.

2. Record the letters or abbreviations standing for the account classifications (A, Draw., E, etc.) at the top of each column of the work sheet (as shown in Figure 4-4 on pages 130 and 131).

3. Complete the work sheet by making the following adjustments: depreciation expense of office equipment, $22; expired insurance, $26.

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Hoyt Insurance Agency Trial Balance June 30, 19- ACCOUNT NAME Cash Accounts Receivable Prepaid Insurance Office Equipment Accounts Payable P. Hoyt, Capital DEBIT CREDIT 251600 120800 27200 384000 96200 662800 P. Hoyt, Drawing 60000 Commissions Earned 149000 Rent Expense 30000 Advertising Expense 15600 Travel Expense 11400 Utilities Expense 6000 Miscellaneous Expense 1400 908000 908000