The adjusted trial balance of

Robertson

Real Estate Appraisal at

June30,2023,

follows.

Balance Account Title Debit Credit Cash $5,400 Accounts receivable 6,100 Office supplies 1,800 Prepaid insurance 1,750 Land 13,000 Building 73,000 Accumulated amortizationbuilding $24,220 Accounts payable 19,900 Interest payable 8,400 Salaries payable 2,300 Unearned revenue 1,040 Note payable (long-term) 42,000 N. Robertson, capital 40,500 N. Robertson, withdrawals 25,600 Service revenue 48,000 Insurance expense 4,400 Salaries expense 32,500 Supplies expense 660 Interest expense 8,400 Utilities expense 2,800 Amortization expensebuilding 10,950 Total $186,360 $186,360

Required

1.	Journalize the closing entries.
2.	T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts.
3.	Prepare the company's post-closing trial balance at June30,2023

Requirement 1. Journalize the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Start by closing revenues.

Date

Accounts and Explanation

Debit

Credit

Jun. 30

Cash

Clos. (1)

Accounts Receivable

Office Supplies

Building

Part 2

Now close the expenses for the period.

Date

Accounts and Explanation

Debit

Credit

Jun. 30

Accounts Payable

Clos. (2)

Interest Payable

Salaries Payable

Unearned Revenue

Note Payable

Part 3

Close Income Summary.

Date

Accounts and Explanation

Debit

Credit

Jun. 30

Supplies Expense

Clos. (3)

Insurance Expense

Utilities Expense

Part 4

Close withdrawals.

Date	Accounts and Explanation	Debit	Credit
Jun. 30
Clos. (4)

Part 5

Requirement 2. 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

references"Clos.

(1)," "Clos. (2)," etc. The adjusted balance of each account has been entered. 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 prepared in requirement 1.

LOADING...

Cash

Accounts Payable

Service Revenue

Bal.

5,400

19,900

Bal.

48,000

Bal.

Accounts Receivable

Interest Payable

Insurance Expense

Bal.

6,100

8,400

Bal.

Bal.

4,400

Office Supplies

Salaries Payable

Salaries Expense

Bal.

1,800

2,300

Bal.

Bal.

32,500

Prepaid Insurance

Unearned Revenue

Supplies Expense

Bal.

1,750

1,040

Bal.

Bal.

660

Land

Note Payable

Interest Expense

Bal.

13,000

42,000

Bal.

Bal.

8,400

Building

N. Robertson, Capital

Utilities Expense

Bal.

73,000

40,500

Bal.

Bal.

2,800

Accumulated Amort.Building

N. Robertson, Withdrawals

Amortization ExpenseBuilding

24,220

Bal.

Bal.

25,600

Bal.

10,950

Income Summary

Part 6

Requirement 3. Prepare the company's post-closing trial balance at

June30,2023.

Review the ending balances of the T-accounts prepared in requirement 2.

LOADING...

Robertson Real Estate Appraisal
Post-Closing Trial Balance
June 30, 2023
		Balance
	Account Title	Debit	Credit
	Total