Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of Emerson Real Estate Appraisal at June 30, 2018, follows (Click the icon to view the adjusted trial balance) Read the

image text in transcribed
image text in transcribed
The adjusted trial balance of Emerson Real Estate Appraisal at June 30, 2018, follows (Click the icon to view the adjusted trial balance) Read the requirements. > Requirements 1. Prepare the company's income statement for the year ended June 30, 2018 2. Prepare the company's statement of owner's equity for the year ended June 30, 2018. Assume that there were no contributions made by the owner during the year 3. Prepare the company's classified balance sheet in report form at June 30, 2018 4. Journalize the closing entries. 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2018. Emerson Real Estate Appraisal Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,800 4,500 Accounts Receivable 1,700 Office Supplies Prepaid Insurance 2,100 Land 13,600 79,000 Building Accumulated Depreciation-Building Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Emerson, Capital Emerson, Withdrawals Service Revenue Insurance Expense Salarios Expense Supplies Expense Interest Expense 26,100 18,600 8,900 1,500 8,900 37.000 39,500 26,600 49,500 4,700 33,900 200 Utilities Exponse 8.900 2.100 7.900 Depreciation Expense-Building 190,000 $ 190,000 Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Management Accounting And Control

Authors: Don R. Hansen, Maryanne M. Mowen

3rd Edition

0324002327, 978-0324002324

Students also viewed these Accounting questions