CH 6 KEY AMOUNTS 2 Accounting Cycle Step AC Co. Wells Technical Sullivan Realty 50,507 1 JES TOTAL DR/CR: 69,000 2 T-ACCOUNT CASH TOTAL: 27,000 DR 12,343 DR 3 Worksheet UNADJUSTED T/B TOTAL DR/CR: 317,400 58,000 44,350 4 AJE TOTAL DR/CR: round amounts to dollars 31,400 1,453 1,700 5 Worksheet AJE TOTAL DR/CR: 31,400 1,453 1,700 6 Worksheet ADJUSTED T/B TOTAL DR/CR: 338,200 58,920 44,650 7 Worksheet INC STMT NET PROFIT: 37,100 447 11,243 8 Worksheet BALSHT TOTAL DR/CR: 211,400 51,367 39,893 9 CJE TOTAL DR/CR: 377,800 17,500 33,000 10 Worksheet CJE TOTAL DR/CR: 377,800 17,500 33,000 11 Worksheet POST CLOSING T/B Total DR/CR: 161,400 49,867 38,893 Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Name Date Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Ch 6 Sullivan Realty ADJUSTING JOURNAL ENTRIES Account and description AJE # Date Debit Credit Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Totals Totals Ch 6 Sullivan Realty CLOSING JOURNAL ENTRIES Account and description CJE # Credit Date Debit Ch 6 Sullivan Realty WORKSHEET1 Unadjusted T/B Dr Cr gle Adjusting JE's Cr Adjusted T/B Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr No Account 111 Cash 112 Accounts receivable 114 Prepaid rent 115 Office supplies 121 Office equipment 122 A/D-office equip 123 Automobile 124 A/D-auto 211 Accounts payable 212 Salaries payable 311 Capital- Sullivan 312 Withdrawals- Sullivan 411 Revenue-commissions 511 Rent exp 512 Salaries exp 513 Gas expl 514 Repairs exp 515 Telephone expl 516 Advertising exp 517 Office supplies exp 518 Depreciation exp-office equip 519 Depreciation exp-auto Totals Net profit: Ch 6 Sullivan Realty WORKSHEET 2 Adjusted T/B Dr Cr Closing JE's Dr Cr Post Closing T/B Dr Cr No Account 111 Cash 112 Accounts receivable 114 Prepaid rent 115 Office supplies 121 Office equipment 122 A/D-office equip 123 Automobile 124 A/D-auto 211 Accounts payable 212 Salaries payable 311 Capital Sullivan 312 Withdrawals-J Sullivan 411 Revenue-commissions 511 Rent exp 512 Salaries exp 513 Gas expl 514 Repairs exp 515 Telephone expl 516 Advertising exp 517 Office supplies exp 518 Depreciation exp office equip 519 Depreciation exp-auto Inc summ-rev Inc summ-exp Inc summ-clearing Totals Ch 6 Sullivan Realty T-Accounts Cash Automobile Revenue Accounts Payable Salaries Exp Accts Receivable Capital Gas Expense Prepaid Rent Withdrawals Repairs Expense Office Supplies Telephone Expense Office Equipment Advertising Expense June 30 Paid Betty Long office secretary, 5350 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0008 201x June 30 Tone Betty Long S 350% ORDER OF Three Hundred fifty and DOLLARS BAYBANK Box 1739 Terminal Annex Los Angeles, CA 90052 MENO Salary - June 16-30 Joku Sullivan June 30 Paid Cell Service Inc. June telephone l. 5510. CellService Inc. 1 Park Place Los Angeles, CA 90052 (213) 362-0061 Your Statement In Act with SULLIVAN REALTY 8200 Sunset Blvd Los Angeles, CA 90028 Payment received June 30, 2017 Account 4447101 Billige Hyment Des Details Operedaran el IX. Thank you SO S10D Monthly and changes to service Aww due Total Due Payment after July 10, 2017 $522.35 $10.00 0009 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 30 201X 5101 PAY TO THE CellService Ing. Five Hundred Ten and in DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO_June Phone Bill John Sullivan June 22 Paid gas bill. 525, to Petro Petroleum 0006 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 22 201X $ 25 DOLLARS PHY TO THE Petro Petroleum ORDER OF Twenty-five and BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Gas BlJune 22 Joku Sullivan June 24 Paid Volvo West 5600 to repair automobile. INVOICE Volvo West 1 Salem SL Los Angeles, CA 90052 (213) 630-1917 INVOICE NO. 1154 DATE: June 24/1X TERMS Cash To: Ship To: SULLIVAN REALTY 8200 Sunset Blvd. Los Angeles, CA 90028 Pickup UNIT PROCE QUANTITY 1 ONLY DESCRIPTION 275 Air conditioning AMOXINT SG GEI Make all check payable to Volvo West PAYMENT RECEIVED. Check 1000 SUBTOTAL FRESHIT TAX TOTAL DUE S. THANK YOU FOR YOUR BUSINESS! 0007 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 24 201X 600 DOLLARS PAY TO THE Volvo West ORDER OF Six Hundred and BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MOMO Auto Repairs - Inv. 1184 Joku Sullivan June 20 John Sullivan withdrew $1,000 from the business to pay personal expenses. SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0005 201x June 20 PAY TO THE ORDER OF $ 1,000 John Sullivan One Thousand and is DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Withdrawal Joku Sullivan June 21 Sold a house to Laura Harrison and collected a $3,500 commission DEPOSIT TICKET SULLIVAN RIALTY (213) 478-3584 8200 SUNSET BOULEVARD Los Angeles, CA 90028 CASH CON USTCHES 100 Ached podom DATE June 21 201X Oh TOEL LES CASH REGIVED MET DEPOSIT SORRENCE OF TELLER FOR OTHER DER 3.50000 RAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 !12200065 OBLOO-03857-05362 SULLIVAN REALTY COMMISSION REPORT Dutes 21, 2017 Mu Lausaison Sales No Clian Am Date Sales Description Jun 21/1 Home 666 54 3.1.500.00 C003 mark June 8 Paid gas bill to Petro Petroleum, 522. 0003 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 8 201x $ 22 DOLLARS PAY TO THE Petro Petroleum ORDER OF Twenty-two and a BAYBANK Box 1730 Terminal Arnex Los Angeles, CA 90052 MEMO Gas Bl - June 6 Joku Sullivan June 15 Paid Betty Long, office secretary. $350. 0004 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 15 2017 PAY TO 1 Betty Long $ 35078 Three Hundred fifty and 1 DOLLARS BAY BANK Box 1739 Terminal Arex Los Angeles, CA 90052 MENO Salary - June 1-15 Joku Sullivan June 17 Sold a building lot to West Land Developers and earned a commission, 56,500; payment to be received on July 8. SULLIVAN REALTY COMMISSION REPORT Date: 2013 Na West Land Developers Sales No. Com Ano Duter Sales Description Jun 17/TX Loat Ridge Rd A1000 $6,500.00 C002 Renament de July, 2017 5 June 5 Purchased additional office supplies from Office Supply Direct on account, $150. Office Supply Direct 1 Femcroft Rd. Los Angeles, CA 90052 Phone (213) 31-0288 INVOICE DATLJune 5/1X NUMBER: 0192 TERMS: SOLD TO Sullivan Realty 8200 Sunset Blvd. Los Angeles, CA 90028 SHIPPED TO Sullivan Realty 8200 Sunset Blvd Los Angeles, CA 90028 DATE DESCRIPTION UNIT PRICE AMOUNT $150.00 on 5/1x Office supplies Subtotal 150 Total $150.00 Business Number 115555559 THANK YOU FOR YOUR BUSINESS PLEASE PAY THEATRE June 6 Sold a house to Bill Barnes and collected a 56,000 commission DEPOSIT TICKET SULLIVAN RIALTY (213)478-3584 8200 SURISET BOULEVARD Los Angeles, CA 90028 CURRENCY CASH DON USTCHES 6.000100 TIL ray be placed on DATE June 6 2017 TOTAL ESCACHOEIVED dely would not SON HERE PRESENCE OF TELLER FOR CASNET ON DEP MET DEPOWT 6,000 00 BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 12200066 1400-385 701362 SULLIVAN REALTY COMMISSION REPORT Dales June 6, 2013 N ulares Come Amount Date: Sales Sales Description Home at 66 Suvest AMIK ATOO $6,000.00 Paldinu C001 Remarks: + On June 1, 2017, John Sullivan opened a real estate office called Sullivan Realty. The following transactions were completed for the month of June: 2013 June 1 John Sullivan invested $9,000 cash in the real estate agency along with 54,000 of office equipment DEPOSIT TICKET SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD Los Angeles, CA 90028 CUPVIENCY 9.od 00 COIN LIST CHOOSINGLY DATE June 1 201X good co TOTAL OTHERS TOTAL LESS CASH RECEIVED NET DEPOST ce by 9,00000 BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 012200066 1400-3857-01352 Jane 1 Rented and paid three months rent in advance to Miller Property Management, 53,000 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0001 201X June 1 $ PY TO THE Miller Property Mgmt Co. Three Thousand and 160 3,00018 DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Rent June-Aug. 201x John Sullivan 2 Mini Practice Set Sullivan Realty Reviewing the Accounting Cycle Twice This comprehensive review problem requires you to complete the accounting cycle for Sullivan Realty twice. This practice set allows you to review Chapters 1-5 while reinforcing the relationships between all parts of the accounting cycle. By complet- ing two cycles, you will see how the ending June balances in the ledger are used to accumulate data in July First, look at the chart of accounts for Sullivan Realty. Sullivan Realty Chart of Accounts Assets Revenue 111 Cash 411 Commissions Earned 112 Accounts Receivable Expenses 114 Prepaid Rent 511 Rent Expense 115 Office Supplies 512 Salaries Expense 121 Office Equipment 513 Gas Expense 122 Accumulated Depreciation, Office Equipment 514 Repairs Expense 123 Automobile 515 Telephone Expense 124 Accumulated Depreciation, Automobile 516 Advertising Expense Liabilities 517 Office Supplies Expense 211 Accounts Payable 518 Depreciation Expense, Office Equipment 212 Salaries Payable 519 Depreciation Expense, Automobile Owner's Equity 524 Miscellaneous Expense 311 John Sullivan, Capital 312 John Sullivan, Withdrawals 313 Income Summary June 30 Received advertising bill for June, $1,200, from Salem News. The bill is to be paid on July 2. Salem News 1 Main St, Los Angeles, CA 90052 13744-1000 INVOICE SOLD TO: Invoice No. Date Due Dates les Angles, CA UN Jan 10, 2018 May 2, 2018 DATE DESCRIPTION AMOUNT EX Advertising in Salem News during kune 2013 SUBTOTAL $1, IERKI TOTAL $1, MADE ALL CHESS PAYABLE TO SALEM NEWS Check Figure June post closing trial balance $38,893 Required Work for June 1. Journalize transactions and post to ledger accounts. 2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a. One month's rent had expired. b. An inventory shows $50 of office supplies remaining. c. Depreciation on office equipment, $100. d. Depreciation on automobile, $200. 3. Prepare a June income statement, statement of owner's equity, and balance sheet. 4. From the worksheet, journalize and post adjusting and closing entries (p. 3 of journal). 5. Prepare a post-closing trial balance. CH 6 KEY AMOUNTS 2 Accounting Cycle Step AC Co. Wells Technical Sullivan Realty 50,507 1 JES TOTAL DR/CR: 69,000 2 T-ACCOUNT CASH TOTAL: 27,000 DR 12,343 DR 3 Worksheet UNADJUSTED T/B TOTAL DR/CR: 317,400 58,000 44,350 4 AJE TOTAL DR/CR: round amounts to dollars 31,400 1,453 1,700 5 Worksheet AJE TOTAL DR/CR: 31,400 1,453 1,700 6 Worksheet ADJUSTED T/B TOTAL DR/CR: 338,200 58,920 44,650 7 Worksheet INC STMT NET PROFIT: 37,100 447 11,243 8 Worksheet BALSHT TOTAL DR/CR: 211,400 51,367 39,893 9 CJE TOTAL DR/CR: 377,800 17,500 33,000 10 Worksheet CJE TOTAL DR/CR: 377,800 17,500 33,000 11 Worksheet POST CLOSING T/B Total DR/CR: 161,400 49,867 38,893 Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Name Date Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Ch 6 Sullivan Realty ADJUSTING JOURNAL ENTRIES Account and description AJE # Date Debit Credit Ch 6 Sullivan Realty JOURNAL ENTRIES Account and description JE # Date Debit Credit Totals Totals Ch 6 Sullivan Realty CLOSING JOURNAL ENTRIES Account and description CJE # Credit Date Debit Ch 6 Sullivan Realty WORKSHEET1 Unadjusted T/B Dr Cr gle Adjusting JE's Cr Adjusted T/B Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr No Account 111 Cash 112 Accounts receivable 114 Prepaid rent 115 Office supplies 121 Office equipment 122 A/D-office equip 123 Automobile 124 A/D-auto 211 Accounts payable 212 Salaries payable 311 Capital- Sullivan 312 Withdrawals- Sullivan 411 Revenue-commissions 511 Rent exp 512 Salaries exp 513 Gas expl 514 Repairs exp 515 Telephone expl 516 Advertising exp 517 Office supplies exp 518 Depreciation exp-office equip 519 Depreciation exp-auto Totals Net profit: Ch 6 Sullivan Realty WORKSHEET 2 Adjusted T/B Dr Cr Closing JE's Dr Cr Post Closing T/B Dr Cr No Account 111 Cash 112 Accounts receivable 114 Prepaid rent 115 Office supplies 121 Office equipment 122 A/D-office equip 123 Automobile 124 A/D-auto 211 Accounts payable 212 Salaries payable 311 Capital Sullivan 312 Withdrawals-J Sullivan 411 Revenue-commissions 511 Rent exp 512 Salaries exp 513 Gas expl 514 Repairs exp 515 Telephone expl 516 Advertising exp 517 Office supplies exp 518 Depreciation exp office equip 519 Depreciation exp-auto Inc summ-rev Inc summ-exp Inc summ-clearing Totals Ch 6 Sullivan Realty T-Accounts Cash Automobile Revenue Accounts Payable Salaries Exp Accts Receivable Capital Gas Expense Prepaid Rent Withdrawals Repairs Expense Office Supplies Telephone Expense Office Equipment Advertising Expense June 30 Paid Betty Long office secretary, 5350 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0008 201x June 30 Tone Betty Long S 350% ORDER OF Three Hundred fifty and DOLLARS BAYBANK Box 1739 Terminal Annex Los Angeles, CA 90052 MENO Salary - June 16-30 Joku Sullivan June 30 Paid Cell Service Inc. June telephone l. 5510. CellService Inc. 1 Park Place Los Angeles, CA 90052 (213) 362-0061 Your Statement In Act with SULLIVAN REALTY 8200 Sunset Blvd Los Angeles, CA 90028 Payment received June 30, 2017 Account 4447101 Billige Hyment Des Details Operedaran el IX. Thank you SO S10D Monthly and changes to service Aww due Total Due Payment after July 10, 2017 $522.35 $10.00 0009 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 30 201X 5101 PAY TO THE CellService Ing. Five Hundred Ten and in DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO_June Phone Bill John Sullivan June 22 Paid gas bill. 525, to Petro Petroleum 0006 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 22 201X $ 25 DOLLARS PHY TO THE Petro Petroleum ORDER OF Twenty-five and BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Gas BlJune 22 Joku Sullivan June 24 Paid Volvo West 5600 to repair automobile. INVOICE Volvo West 1 Salem SL Los Angeles, CA 90052 (213) 630-1917 INVOICE NO. 1154 DATE: June 24/1X TERMS Cash To: Ship To: SULLIVAN REALTY 8200 Sunset Blvd. Los Angeles, CA 90028 Pickup UNIT PROCE QUANTITY 1 ONLY DESCRIPTION 275 Air conditioning AMOXINT SG GEI Make all check payable to Volvo West PAYMENT RECEIVED. Check 1000 SUBTOTAL FRESHIT TAX TOTAL DUE S. THANK YOU FOR YOUR BUSINESS! 0007 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 24 201X 600 DOLLARS PAY TO THE Volvo West ORDER OF Six Hundred and BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MOMO Auto Repairs - Inv. 1184 Joku Sullivan June 20 John Sullivan withdrew $1,000 from the business to pay personal expenses. SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0005 201x June 20 PAY TO THE ORDER OF $ 1,000 John Sullivan One Thousand and is DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Withdrawal Joku Sullivan June 21 Sold a house to Laura Harrison and collected a $3,500 commission DEPOSIT TICKET SULLIVAN RIALTY (213) 478-3584 8200 SUNSET BOULEVARD Los Angeles, CA 90028 CASH CON USTCHES 100 Ached podom DATE June 21 201X Oh TOEL LES CASH REGIVED MET DEPOSIT SORRENCE OF TELLER FOR OTHER DER 3.50000 RAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 !12200065 OBLOO-03857-05362 SULLIVAN REALTY COMMISSION REPORT Dutes 21, 2017 Mu Lausaison Sales No Clian Am Date Sales Description Jun 21/1 Home 666 54 3.1.500.00 C003 mark June 8 Paid gas bill to Petro Petroleum, 522. 0003 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 8 201x $ 22 DOLLARS PAY TO THE Petro Petroleum ORDER OF Twenty-two and a BAYBANK Box 1730 Terminal Arnex Los Angeles, CA 90052 MEMO Gas Bl - June 6 Joku Sullivan June 15 Paid Betty Long, office secretary. $350. 0004 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 June 15 2017 PAY TO 1 Betty Long $ 35078 Three Hundred fifty and 1 DOLLARS BAY BANK Box 1739 Terminal Arex Los Angeles, CA 90052 MENO Salary - June 1-15 Joku Sullivan June 17 Sold a building lot to West Land Developers and earned a commission, 56,500; payment to be received on July 8. SULLIVAN REALTY COMMISSION REPORT Date: 2013 Na West Land Developers Sales No. Com Ano Duter Sales Description Jun 17/TX Loat Ridge Rd A1000 $6,500.00 C002 Renament de July, 2017 5 June 5 Purchased additional office supplies from Office Supply Direct on account, $150. Office Supply Direct 1 Femcroft Rd. Los Angeles, CA 90052 Phone (213) 31-0288 INVOICE DATLJune 5/1X NUMBER: 0192 TERMS: SOLD TO Sullivan Realty 8200 Sunset Blvd. Los Angeles, CA 90028 SHIPPED TO Sullivan Realty 8200 Sunset Blvd Los Angeles, CA 90028 DATE DESCRIPTION UNIT PRICE AMOUNT $150.00 on 5/1x Office supplies Subtotal 150 Total $150.00 Business Number 115555559 THANK YOU FOR YOUR BUSINESS PLEASE PAY THEATRE June 6 Sold a house to Bill Barnes and collected a 56,000 commission DEPOSIT TICKET SULLIVAN RIALTY (213)478-3584 8200 SURISET BOULEVARD Los Angeles, CA 90028 CURRENCY CASH DON USTCHES 6.000100 TIL ray be placed on DATE June 6 2017 TOTAL ESCACHOEIVED dely would not SON HERE PRESENCE OF TELLER FOR CASNET ON DEP MET DEPOWT 6,000 00 BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 12200066 1400-385 701362 SULLIVAN REALTY COMMISSION REPORT Dales June 6, 2013 N ulares Come Amount Date: Sales Sales Description Home at 66 Suvest AMIK ATOO $6,000.00 Paldinu C001 Remarks: + On June 1, 2017, John Sullivan opened a real estate office called Sullivan Realty. The following transactions were completed for the month of June: 2013 June 1 John Sullivan invested $9,000 cash in the real estate agency along with 54,000 of office equipment DEPOSIT TICKET SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD Los Angeles, CA 90028 CUPVIENCY 9.od 00 COIN LIST CHOOSINGLY DATE June 1 201X good co TOTAL OTHERS TOTAL LESS CASH RECEIVED NET DEPOST ce by 9,00000 BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 012200066 1400-3857-01352 Jane 1 Rented and paid three months rent in advance to Miller Property Management, 53,000 SULLIVAN REALTY (213) 478-3584 8200 SUNSET BOULEVARD LOS ANGELES, CA 90028 0001 201X June 1 $ PY TO THE Miller Property Mgmt Co. Three Thousand and 160 3,00018 DOLLARS BAY BANK Box 1739 Terminal Annex Los Angeles, CA 90052 MEMO Rent June-Aug. 201x John Sullivan 2 Mini Practice Set Sullivan Realty Reviewing the Accounting Cycle Twice This comprehensive review problem requires you to complete the accounting cycle for Sullivan Realty twice. This practice set allows you to review Chapters 1-5 while reinforcing the relationships between all parts of the accounting cycle. By complet- ing two cycles, you will see how the ending June balances in the ledger are used to accumulate data in July First, look at the chart of accounts for Sullivan Realty. Sullivan Realty Chart of Accounts Assets Revenue 111 Cash 411 Commissions Earned 112 Accounts Receivable Expenses 114 Prepaid Rent 511 Rent Expense 115 Office Supplies 512 Salaries Expense 121 Office Equipment 513 Gas Expense 122 Accumulated Depreciation, Office Equipment 514 Repairs Expense 123 Automobile 515 Telephone Expense 124 Accumulated Depreciation, Automobile 516 Advertising Expense Liabilities 517 Office Supplies Expense 211 Accounts Payable 518 Depreciation Expense, Office Equipment 212 Salaries Payable 519 Depreciation Expense, Automobile Owner's Equity 524 Miscellaneous Expense 311 John Sullivan, Capital 312 John Sullivan, Withdrawals 313 Income Summary June 30 Received advertising bill for June, $1,200, from Salem News. The bill is to be paid on July 2. Salem News 1 Main St, Los Angeles, CA 90052 13744-1000 INVOICE SOLD TO: Invoice No. Date Due Dates les Angles, CA UN Jan 10, 2018 May 2, 2018 DATE DESCRIPTION AMOUNT EX Advertising in Salem News during kune 2013 SUBTOTAL $1, IERKI TOTAL $1, MADE ALL CHESS PAYABLE TO SALEM NEWS Check Figure June post closing trial balance $38,893 Required Work for June 1. Journalize transactions and post to ledger accounts. 2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a. One month's rent had expired. b. An inventory shows $50 of office supplies remaining. c. Depreciation on office equipment, $100. d. Depreciation on automobile, $200. 3. Prepare a June income statement, statement of owner's equity, and balance sheet. 4. From the worksheet, journalize and post adjusting and closing entries (p. 3 of journal). 5. Prepare a post-closing trial balance
