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P4.4 (LO 1,2,4) Rusthe Management Services began business on January 1, 2020, with a capital invest- ment of $120,000. The company manages condominiums for owners

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P4.4 (LO 1,2,4) Rusthe Management Services began business on January 1, 2020, with a capital invest- ment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows (amounts in S). Complete worksheet: prepare classified statement of financial position, entries, and post-closing trial balance Rusthe Management Services Worksheet For the Year Ended December 31, 2020 Adjusted Trial Balance Trial Balance Dr. Account Titles Cr. Dr. Cr. 13,800 Cash 13,800 28.300 Accounts Receivable Prepadd Insuranc 28.300 3,600 2.100 Land 67,000 67,000 Buildings 127,000 127,000 Completing the Accounting Cycle CHAPTER 4 Adjusted Trial Balance Trial Balance Dr. Account Titles Dr. Cr. Cr. Equipment Accounts Payable Unearned Rent Revenae Mortgage Payable Share Capital-Ordinary Retained Earnings Dividends 59,000 59,000 12.500 12,500 6,000 120,000 130,000 14,000 1000 120,000 130,000 14,000 22.000 22.000 90,700 29,000 90,700 34,000 Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense 42.000 42.000 20,500 19,000 20500 19,000 Totals 402.200 402.200 Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable 1500 6,600 3,000 3,600 0,000 0,000 Totals 418.800 418,800 Instructions a. Prepare a complete worksheet b. Prepare a classified statement of financial position. (Note: $45,000 of the mortgage note payable is due for payment next year) c. Journalize the adjusting entries. Net income $25,100 Total current assets $44,200 d. Journalize the closing entries. Post-closing trial balance 5297.200 e. Prenare a post-closing trial balance

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