The following adjusted trial balance is for Dream Home Realty Company:

Prepare the closing journal entries at the end of the fiscal year, June 30, 1999.

Transcribed Image Text:

DREAM HOME REALTY COMPANY Adjusted Trial Balance June 30, 1999 Debits Credits Cash. Accounts Receivable Office Equipment $ 98,000 40,000 35,000 Accounts Payable Capital Stock Dividends Commissions Revenue Commissions Expense Accumulated Depreciation--Office Equipment Automobiles .. Accumulated Depreciation-Automobiles Retained Earnings, July 1, 1998 Salaries Expense. Gas and Oil Expense Rent Expense $ 14,000 40,000 20,000 63,000 75,000 54,700 5,000 170,000 25,000 120,000 4,000 14,800 Supplies Expense 1,400 Utilities Expense. 2,000 Depreciation Expense-Office Equipment 3,500 Depreciation Expense-Automobiles. 8,000 $396,700 $396,700