Kristian Teleki operates a consulting service for businesses wanting to open stores in new locations.The business's general ledger had the following balances for the fiscal year ended April 30, 2005.

Bank17 720Demand loan10 500

Accounts receivable13 200Accounts payable9 200

Prepaid insurance6540Loan payable15 700

Prepaid business tax270K. Teleki, capital18 010

Prepaid copier rental700K. Teleki, drawings24 000

Supplies3 670Mortgage payable82 000

Land15 000

Building88 610Consulting fees75 900

Acc. amortization8 000Business taxes1 800

Office furniture26 700Utilities1 200

Acc. amortization10 000Office expenses6 700

Equipment20 000Copier rental2 400

Acc. amortization14 200Salaries15 000

Additional information:

1)Prepaid insurance is made up of the following:

$540 paid to London Life-beginning April 30 -one year policy-paid April 15/2005

$3600 paid to Acme Ins-beginning Jan 1 -one year policy -paid Dec 20/04

$2400 paid to Fire Protect-beginning July 31 -one year policy-paid June 30/04

2)Supplies were counted April 30.The cost value of the inventory was $360.

3)The building was purchased May 1, 2000.Its estimated useful life is 40 years and salvage value is $5000.Teleki uses straight-line amortization for the building.

4)The office furniture was purchased May 1, 2000.Its estimated useful life is 10 years and salvage value is $1700.Teleki uses straight-line amortization for the furniture.

5)The equipment is being amortized using declining balance method and a 30% rate.

6)Business taxes are paid quarterly beginning January 1.

7)The copier is rented from a company which requires six months rent in advance.The last cheque was issued February 15 for the six months beginning March 1.

REQUIRED:

Prepare the worksheet, adjusting entries and closing entries for Teleki Consulting.