Accounting

Week 5 The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows. ELLIOT PAINTING SERVICES Worksheet (Partial) for the year ended 30 June 2019 Adjusted trial balance Income statement Balance sheet Account Debit Credit Cash at Bank Debit Credit Debit Credit 1 230 Accounts Receivable 75 600 Prepaid Rent 1 800 Office Supplies 8 320 Equipment 160 000 Accum. Depr. Equip't 25 000 Accounts Payable 54 000 Salaries Payable 8 760 Unearned Revenue 3 430 F. Elliot, Capital 101 500 F. Elliot, Drawings 22 000 Painting Revenue 219 650 Salaries Expense 106 000 Rent Expense 6 050 Depreciation Expense 8 040 Telephone Expense 4 020 Office Supplies Used 10 080 Sundry Expenses 9 200 $412 340 5412 340 Profit for the period Required ) Complete the worksheet. (6 marks) b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity's accounting period. (4 marks)