The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2018 follows:

Requirement 1. Prepare the company's income statement for the year ended June 30 2018

Requirement 2. Prepare the company's statement of owner's equity for the year ended June 30 (assume no owner contribution)

Requirement 3. Prepare the company's classified balance sheet in report form at June 30

Requirement 4. Journalize the closing entries. Start with closing revenues, expenses, income summary and then withdrawals

Requirement 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts.

Use "Clos." and the corresponding number as shown in the journal entry as posting

referenceslong dash

"Clos.(1)",

"Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account.

Review the closing journal entries you prepared above.

*** I am confused on the T accounts ***

Elias Real Estate Appraisal Adjusted Trial Balance 30-Jun-18 Balance Debit Credit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation,ABuilding Accounts Pavable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Elias, Capital Elias, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense,ABuilding Total $4,400 5,500 2,300 2,600 12,600 76,000 $25,500 19,000 8,700 1,600 10,900 35,000 38,000 4. 26,700 0 47,800 4,700 32,900 100 8,700 2,400 7,600 $186,500 4. 6 $186,500 0