Accounting cycle

Buildings P4-4B Carroll Management Services, Ltd. began business on January 1, 2017, with a capi- tal investment of 120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. CARROLL MANAGEMENT SERVICES, LTD. Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Trial Balance Account Titles Dr. Cr. Dr. Cr. Cash 13,800 13,800 Accounts Receivable 26,300 26,300 Prepaid Insurance 3,600 1,800 Land 67,000 67,000 127,000 127,000 Equipment 59,000 59,000 Accounts Payable 12,500 12,500 Unearned Rent Revenue 8,000 3,500 Mortgage Payable 120,000 120,000 Share Capital-Ordinary 80,000 80,000 Retained Earnings 54,000 54,000 Dividends 16,000 16,000 Service Revenue 90,700 90,700 Rent Revenue 26,000 30,500 Salaries and Wages Expense 42,000 42,000 Advertising Expense 17,500 17,500 Utilities Expense 19,000 19,000 Totals 391,200 391,200 Insurance Expense 1,800 Depreciation Expense 6,600 Accumulated Depreciation-Buildings 3,000 Accumulated Depreciation-Equipment 3,600 Interest Expense 9,600 Interest Payable 9,600 Totals 407,400 407,400 Instructions (a) Prepare a complete worksheet. (b) Prepare a classified statement of financial position. (Note: 25,000 of the mortgage note payable is due for payment next year.) (c) Journalize the adjusting entries. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance