The account balances of Miss Beverlys Tutoring Service as of June 30, the end of the current

The account balances of Miss Beverly’s Tutoring Service as of June 30, the end of the current fiscal year, are as follows:

Required
1. Complete the work sheet. Data for the adjustments are as follows:
a. Expired or used up insurance, $ 470.
b. Depreciation expense on equipment, $ 948.
c. Depreciation expense on the van, $ 1,490.
d. Salary accrued (earned) since the last payday, $ 574 (owed and to be paid on the next payday).
e. Supplies remaining as of June 30, $ 407.
2. Journalize the adjusting entries.
3. Prepare an income statement.
4. Prepare a statement of owner’s equity; assume that there was an additional investment of $ 3,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the propersequence.

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TRIAL BALANCE DEBIT ACCOUNT NAME Cash Accounts Receivablb Supplies Prepaid Insurance Equipment Accurnulated Depreciation, Equipment Van Accumulated Depreciation, Van Accounts Payable B. Morrow, Capital B. Morrow Drawing Fees Eamed Salary Expense Advertising Expense Van Operatng Expense Utlities Expense Miscellaneous Expense CREDIT 6.491.00 624.00 527.00 1,280.00 5.497.00 2.472.00 13,674.00 4.168.00 1.436.00 14.848.00 18,000.00 43,680.0O 16,000.00 2,200.00 705.00 1.248.00 358.00 66,604.00 66,604.00