5-4A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: A 5 6 ACCOUNT NAME B C TRIAL BALANCE DEBIT CREDIT 7 Cash 8 Accounts Receivable 5,491.00 624.00 9 Supplies 397.00 10 Prepaid Insurance 1,280.00 11 Equipment 6,497.00 12 Accumulated Depreciation, Equipment 2,672.00 13 Van 10,989.00 14 Accumulated Depreciation, Van 4,368.00 15 Accounts Payable 1,036.00 16 17 18 19 20 B. Bryan, Capital B. Bryan, Drawing Fees Earned Salaries Expense Advertising Expense 18,583.00 18,000.00 38,417.00 18,600.00 1,887.00 21 Van Operating Expense 462.00 22 Utilities Expense 685.00 23 Miscellaneous Expense 24 164.00 65,076.00 65,076.00 25 K Sheet1 Sheet2 Sheet3 Required 1. Data for the adjustments are as follows: 1. Expired or used up insurance, $495 2. Depreciation expense on equipment, $670. 3. Depreciation expense on the van, $1,190. 4. Salary accrued (earned) since the last payday, $540 (owed and to be paid on the next payday). 5. Supplies used during the period, $97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owner's equity. Assume that there was an additional investment of $2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Rationale Check Figure Net Income, $13,627 Rationale Check Figure Post-closing trial balance total, $10,170 Bryan Company Work Sheet For Year Ended June 30 20.. Trial Balance Adjustments Account Name Debit Credit Debit Credit Adjusted Trial Balance Debit Income Statement Balance Sheet Credit Debit Credit Debit Credit Cash 5,491 Accounts Receivable 624 Supplies 397 Prepaid Insurance 1,280 Equipment 6,497 Accum. Depr., Equipment 2,672 Van 10,989 Accumulated Depreciation, Van 4,368 Accounts Payable 1,036 B. Bryan, Capital 18,583 B. Bryan, Drawing 18,000 Fees Earned 38,417 Salaries Expense 18,600 Advertising Expense 1,887 Van Operating Expense 462 Utilities Expense 685 Miscellaneous Expense 164 65.076 65.076 Net Income 3. 4. 5. Bryan Company Income Statement For Year Ended June 30, 20-- Revenue: Fees Earned Expenses: Salaries Expense Advertising Expense Van Operating Expense Utilities Expense Miscellaneous Expense Insurance Expense Depreciation Exp., Equipment Depreciation Expense, Van Supplies Expense Total Expenses Net Income Subtotal Total Assets Bryan Company Statement of Owner's Equity For Year Ended June 30, 20-- Assets Bryan Company Balance Sheet June 30, 20-- Liabilities Total Liabilities Owner's Equity Total Liabilities and Owner's Equity 2. & 6. Date 20-- June 30 30 30 30 30 GENERAL JOURNAL Description Adiusting Entries Closing Entries 30 30 30 30 Debit Credit