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answer Problem 4-3 Prepare work sheet, adjusting entries, and closing entries (L.O.2.4) The following trial balance and additional data are for Sure Sale Realty Company:
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Problem 4-3 Prepare work sheet, adjusting entries, and closing entries (L.O.2.4) The following trial balance and additional data are for Sure Sale Realty Company: SURE SALE REALTY COMPANY Trial Balance December 31, 2018 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 Earings, January 1, 2018 49,920 Dividends 48.080 Commissions Revenue 653 200 Salaries Expense 321,600 Travel Expense 98,480 Miscellaneous Expense 18,720 S882,640 S 882.640 l Additional data 1. The prepaid rent is for the period July 1. 2018, to March 31, 2019. 2. The equipment has an expected life of 10 years with no salvage value. 3. Accrued salaries are $14,760 4. Travel expenses accrued but unreimbursed to sales staff at December 31 were $19,380. a. Prepare a 12-column work sheet for the year ended December 31, 2018. You need not include account numbers or explanations of adjustments. b. Prepare adjusting journal entries. c. Prepare closing joumal entries. RequiredStep by Step Solution
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