P4-27A (LOBJ. 2. 3) Journalizing adjusting and closing entries (45-60 min The unadjusted trial balance and adjustment data of Jones Real Estate Company at June 30, 2011, follow: Assign JONES REAL ESTATE APPRAISAL COMPANY Unadjusted Trial Balance June 30, 2011 Account Tide Dehit Credi Cash 5 4,100 Recounts receivable 3,900 Sapplies 4.000 Prepaid inance 1,700 Building 73,800 Accumulated depreciation $1,000 Land 14.300 Accounts payable 19.300 Interest payable 8,300 Salary payable 600 J. Jones, Capital 32,900 J. Jaces, Withdrawal 26.500 Service teve 99,000 Salary expense 33,700 Depreciation expense 0 Insurance expense 5.500 3.600 Supplier expense 6.900 Total $ 178,200 $ 178,200 Utilities tapete Adjustment data at June 30, 2011: 1. Prepaid insurance expired, 5500 b. Accrued service revenue, 51,300 c. Accrued salary expense, 51,200 d. Depreciation for the year, 58,300 6. Supplies tuned during the year, 5700 Requirements 1. Open T-accounts for Capital and all the accounts that follow on the trial bal- ance. Insert their unadjusted balances. Also open a T-account for Income sum- mary, which has a zero balance, 2. Journalize the adjusting entries and post to the accounts that you opened. Show the balance of each revenue account and each expense account. 3. Journalize the closing entries and post to the accounts that you opened. Draw double underlines under each account balance that you close to zero. 4. Compute the ending balance of Capital P. 272 Item Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Income Statement Balance Sheet Dr. Cri Expense Revenues Assets Cash 4,100 Account Receivable 3,900 4,000 1,700 73,800 18,100 14,500 19,300 1,300 600 Supplies Prepaid Insurance Building Accumulated Deporciation Land Accounts Payable Interst Payable Salary Payable Jones, Capital Jones Withdrawals Service Revenue Satasy Expense Depreciation Expanse Insurance Expense Utilities Expense Supplies Expanse 32,900 26.500 99,000 33.700 6.500 3,600 6.900 178,200 170,200