The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2014, follows:

Requirements
1. Prepare the company’s income statement for the year ended June 30, 2014.
2. Prepare the company’s statement of retained earnings for the year ended June 30, 2014.
3. Prepare the company’s classified balance sheet in report form at June 30, 2014.
4. Journalize the closing entries.
5. Open the T-accounts using the balances from the adjusted trial balance and post the closing entries to the T-accounts.
6. Prepare the company’s post-closing trial balance at June 30,2014.

Transcribed Image Text:

ELIAS REAL ESTATE APPRAISA Adjusted Trial Balance June 30, 2014 Balance Account Title Credit S 4,900 Accounts Receable Office Supplies Prepaid Insurance 1,800 74,400 Accumulated Depreciation-Building S 26,700 13,600 Accounts Payable interest Payable Salaries Payable Unearned Revenue Notes Payable long-term) Common Stock Retained Earnings 19.500 8,800 2.200 1.300 40,000 2,000 38,500 27.900 Servica Revenue insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense 48,200 4,500 7.500 $ 187,200 187,200