soncmg.com/5831400 GRADED CHAPTER 4 HW PREVIOUS 3 NEXT 7 Problem 3 : P4-29A Background: Erickson Real Estate Appraisal has completed all necessary transactions and adjusting entries for the month of June. These transactions are summarized in the Trial Balance found in the Reports tab. Assignment: 1) Under the Reports tab, review the Trial Balance generated as a 2) Using the General Journal tab, click Add Transaction to journalize each closing entry needed. Be sure to click the checkbox 3) Under the Reports tab, review the results of recording these 4) Under the Reports tab, review the Income Statement and Balance Sheet generated as a result of the June transactions. 5) Click Submit Work when complete. Transactions: 06/30/2018 Closed any revenue accounts 06/30/2018 Closed any expense accounts (compound entry). 06/30/2018 Closed Income Summary account. 06/30/2018 Closed the withdrawals account. SAVE WORK RESETRE SUIT WORK BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL June 30, 2018 - July 29, 2018 > Date Accounts Debit Credit Closing Entry No transactions in Journal AD TANAHON DE CANGAS 06/30/2018 Closed Income Summary account. 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Erickson Real Estate Appraisal General Ledger Month Ended July 29, 2018 Account no. 10100 Cash Debit Credit Date 06/30/2018 Balance Debit Credit 4.600 Accounts Receivable Account no. 10400 Debit Credit Date 06/30/2018 Balance Debit Credit 5.300 Office Supplies Account no. 10650 Balance 06/30/2018 Closed Income Summary account. 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Office Supplies Account no. 10650 Balance Date Debit Credit Debit Credit 06/30/2018 1 500 Prepaid Insurance Account no. 10700 Debit Credit Date 06/30/2018 Balance Debit Credit 1,700 Land Account no, 11000 Debit Credit Date 06/30/2018 Balance Deble Credit 13,000 la Belt SAVE WORK RESET RESULTS SUBMIT WG BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Prepaid Insurance Account no. 10700 Date 06/30/2018 Debit Credit Balance Debit Credit 1,700 Land Account no. 11000 Date Debit Credit 06/30/2018 Balance Debit Credit 13,000 Building Account no. 11150 Date 06/30/2018 Debit Credit Balance Debit Credit 82,000 SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Accumulated Depreciation - Building Account no. 11200 Date Debit Credit Balance Debit Credit 25,200 06/30/2018 Accounts Payable Account no. 20100 Date Debit Credit Balance Debit Credit 18,700 06/30/2018 Interest Payable Account no. 20200 Debit Credit Date 06/30/2018 Balance Debit Credit 8,500 SAVE WORK RESET RESULTS SUBMIT W BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Salaries Payable Account no. 20250 Date Debit Credit Balance Debit Credit 2,400 06/30/2018 Unearned Revenue Account no. 20500 Date Debit Credit Balance Debit Credit 7,600 06/30/2018 Notes Payable, Long-term Account no. 21000 Date 06/30/2018 Debit Credit Balance Debit Credit 40,000 SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Erickson, Capital Account no. 30100 Date Debit Balance Debit Credit Credit 06/30/2018 42,500 Erickson, Withdrawals Account no. 30150 Debit Credit Date 06/30/2018 Balance Debit Credit 27.300 Income Summary Account no. 39950 Debit Credit Date 06/30/2018 Balance Debit Credit MACBOOK AIR SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Service Revenue Account no. 40250 Date Balance Debit Credit Debit Credit 06/30/2018 48,100 Salaries Expense Account no. 50350 Debit Credit Date 06/30/2018 Balance Debit Credit 33,500 Supplies Expense Account no. 50700 Debit Credit Date 06/30/2018 Balance Debic Credit 300 Ma Bak SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER | TRIAL BALANCE Insurance Expense INCOME STATEMENT BALANCE SHEET Account no. 50750 Date Balance Debit Credit Debit Credit 06/30/2018 4,400 Utilities Expense Account no. 50850 Date Debit Credit Balance Debit Credit 06/30/2018 2,700 Depreciation Expense - Building Account no. 51250 Date Debit Credit Balance Debit Credit 8,200 06/30/2018 SAVE WORK RESET RESULTS SUBMIT WORK Jun USINESS REPORTS RANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Erickson Real Estate Appraisal Trial Balance July 29, 2018 Account Name Debit Credit Cash 4,600 5,300 Accounts Receivable 1,500 1,700 13,000 Office Supplies Prepaid Insurance Land Building Accumulated Depreciation - Building Accounts Payable 82,000 25,200 18,700 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK June TRIAL BALANCE INCOME STATEMENT BALANCE SHEET 925,200 BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER Accumulated Depreciation building Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable, Long-term Erickson, Capital Erickson, Withdrawals 18,700 8,500 2,400 7,600 40,000 42,500 27,300 48,100 Service Revenue Salaries Expense Supplies Expense Insurance Expense Utilities Expense 33,500 300 4,400 2.700 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK June 30 40,000 42,500 48,100 BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Notes Payable, Long-term Erickson, Capital Erickson, Withdrawals 27,300 Service Revenue Salaries Expense 33,500 Supplies Expense 300 Insurance Expense 4,400 Utilities Expense 2,700 Depreciation Expense - Building 8,200 Interest Expense 8,500 Total $ 193,000 $193,000 06/30/2018 Closed Income Summary account. 06/30/2018 Closed the withdrawals account: SAVE WORK RESET RESULTS SUBMIT WORK June BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT | BALANCE SHEET Erickson Real Estate Appraisal Income Statement Month Ended July 29, 2018 Service Revenue 48,100 Operating Expenses: Salaries Expense Supplies Expense Insurance Expense Utilities Expense Depreciation Expense - Building Total Operating Expenses 33,500 300 4,400 2,700 8,200 49,100 Operating Income (Loss) (1.000) 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS June TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Operating Expenses: Salaries Expense 33,500 Supplies Expense 300 Insurance Expense 4,400 Utilities Expense 2,700 Depreciation Expense - Building 8,200 Total Operating Expenses 49,100 Operating Income (Loss) (1,000) Other Revenues (Expenses) & Gains (Losses) interest Expense (8,500) Net Income (Loss) (9,500) Songs 06/30/2018 06/30/2018 Closed the withdrawals account. SAVE WORK RESET RESULTS SUBMIT WORK