The following trial balance and additional data are for Sure Sale Realty Company:

1. The prepaid rent is for the period July 1,1999 , to June \(30,2000\).
Prepare work sheet, adjusting entries, and closing entries (L.O. 2, 4)
Additional data 2. The equipment has an expected life of 10 years with no salvage value.
3. Accrued salaries are \(\$ 11,520\).
4. Travel expenses accrued but unreimbursed to sales staff at December 31 were \(\$ 17,280\).

a. Prepare a 12-column work sheet for the year ended December 31, 1999. You need not include account numbers or explanations of adjustments.

b. Prepare adjusting journal entries.

c. Prepare closing journal entries.

Transcribed Image Text:

SURE SALE REALTY COMPANY Trial Balance December 31, 1999 Debits Credits Cash. $ 62,800 Accounts Receivable 117,120 Prepaid Rent. 46,080 Equipment 173,760 Accumulated Depreciation-Equipment $ 21,120 Accounts Payable 62,400 Capital Stock 96,000 Retained Earnings, January 1, 1999. 49,920 Dividends. 46,080 Commissions Revenue 653,200 Salaries Expense. 321,600 Travel Expense. 96,480 Miscellaneous Expense 18,720 $882,640 $882,640