1.

Prepare

a

July

income statement, statement of owner's equity, and balance sheet.

2.

From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal).

Adjustment Data for July

a.	One month's rent had expired. Paid 4 months' rent in advance on June 1, $1,600.
b.	An inventory shows $50 of office supplies remaining.
c.	Depreciation on office equipment, $210.
d.	Depreciation on automobile, $250.

3.

Prepare a post-closing trial balance.

2017 Jul. 1 Purchased additional office supplies on account from Paper Co., $700. 2 Paid New York Magazine advertising bill for June, $300. 3 Sold a house to Nancy Walker and collected a commission of $6,700. 6 Paid gas bill to Phillip Petroleum, $39. 8 Collected commission from South West Developers for sale of building lot on June 17, $9,500. 12 Paid $540 to Cole Realtors Assoc. to send employees to realtors' workshop. 15 Paid Meg Lang, office secretary, $600. 17 Sold a house to Mark Barnett and earned a commission of $1,500. Commission to be received on August 10. 18 Sold a building lot to Lombardi Builders and collected a commission of $4,500. 22 Sent a check to Catholic Charities for $70 to help sponsor a local road race to aid the poor. (This amount is not to be considered an advertising expense; it is a business expense and is posted to Miscellaneous Expense.) 24 Paid Honda South $510 for repairs to automobile due to accident. 28 Justin Sousa withdrew $1,200 from the business to pay personal expenses. 30 Paid Meg Lang, office secretary, $600. 30 Paid Comphone telephone bill, $790. 30 Advertising bill from New York Magazine for July, $1,400. The bill is to be paid on August 2. Sousa Realty Worksheet For the Month Ended July 31, 2012 Trial Balance Income Statement Balance Sheet Adjustments Debit Credit Account Titles Debit Credit Debit Credit Credit Cash 19,521 1,500 Adjusted Trial Balance Debit Credit 19,521 1,500 800 50 Debit 19,521 1,500 a 1,200 1.100 8,000 400 1,050 800 50 b. 8,000 8,000 210 c. 210 420 420 17.000 17.000 17,000 250 d. d. 250 500 500 Accounts Receivable Prepaid Rent Office Supplies Office Equipment Acc. Dep., Office Equipment Automobile Acc. Dep., Automobile Accounts Payable Justin Sousa, Capital Justin Sousa, Withdrawals Commissions Earned Salaries Expense Gas Expense Repairs Expense Telephone Expense Advertising Expense 19,400 21,510 19,400 21,510 19,400 21,510 1,200 1,200 1.200 12,700 12,700 12,700 1.200 1,200 39 1,200 39 39 510 510 790 510 7900 790 1,400 610 1,400 610 1.400 610 Miscellaneous Expense 54,070 54,070 a. 400 1,050 400 1,050 400 1,050 b. C. 210 Totals Rent Expense Office Supplies Expense Dep. Expense, Office Equip Dep. Expense, Automobile Totals Net Income Totals 210 250 210 250 250 d. 1.910 1.910 54.530 54,530 12,700 48,071 41.830 6.459 6.241 6.241 12.700 12.700 48,071 48,071