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Unformatted text preview: {Click the icon to new the adjusted trial balance.) Read the regulrements. Requirement 1. Prepare the company's income statement for the year ended June 30. 2016. {lfa box is not used in the statement, leave the box empty; do n- select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Sdaies Expense ‘ 39.599‘ interest Expense ‘ 8.199‘ Depueeiafim Expense—filming ‘ 3.299‘ hslrenoe Expense ‘ 4399‘ Lfliies Expense ‘ 2. 199‘ Supplies Expense ‘ _9W‘ Tntd Expenses ‘ fl‘ Mel hceme (Less) 5 [smurf Released EarlilgsJiy 1. 2915 5 31599 Mamsssxueyeas ‘ {5.299)‘ '1 muses ‘ (27.5131) ‘ do not select a label or enter a zero.) Cash ‘ 4.399‘ mats Repenaue ‘ 5399‘ Dice Suppses ‘ 2.399‘ Repaid msxm ‘ 2.199‘ Tera: {amen Assets ‘ 5 15.999‘ Plant Assets: ‘ [hiking ‘ 32.9991 Less: Aemnxsated Deplecidim—Blflchg ‘ {26.40017 55.699‘ Land ‘ 12.499‘ Tate: Hm! Assets ‘ 68.90:; n... ems, ‘ 5 mm Current Liabilities: Accounts Payable Interest Payable Salaries Payable Unearned Revenue Total lCurrent Liabilities Long—term Liabilities: V Notes Payable Total Liabilities ‘ Stockholders' Equity lCommon Stock ‘ V Retained Earnings V Total Stockho ders' Equity Jait'iliit'ril'sin'g rewtitite'sthn'mc' F'“ “t" V Date Accounts and Explanation Jun. 30 Service Revenue Clds. {11 Income Summary Date Accounts and Explanation Jun. 30 Income Summary lDies. {21 Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense—Building Llfllfl ' MUIIB Illlllil LAPIIIIIIIIIIJUII Jun. 30 Retained Earnings tiles. [3) Income Summary Date ' Acdounb and Explanation Jun. 30 Retained Earnings Bids. [4) Dividends V 1,300 4,890‘ 20,700‘ 3,1 00‘ Leee‘ $ 31 300‘ team? 71,700‘ 6,590‘ 11,300‘ 5 33.001? Debit Credit 43,900 issiiii‘ Debit Credit 54,100 V 4,300 V 30,500 V 900 V 0,100 V 2,100 V 0,200 Wu". I|.:-".'i'-‘.III. 5,200 V 5,200 Debit Credit 27,500 V V 27,500 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 accoun has been entered for you. Post any closing entries to the accounts and then calculate the post—closing balance ("Bat") of each account [including those that wer not closed}. For any accounts with a zero balance alter 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 balanci prior to closing [the second line} and then show the post—closing balance ("Bat") on the last {third} line of the account. Review the closing iournal entries you prepared above. Cash Accounts Payable Service Revenue Bal. 20,700 Bal. 48,900 Elal. 20,700 EE-aI. Accounts Receivable Interest Payable Insurance Expense 551. 5,300 0,100 Bal. Elal. 4,300 4,300‘ cm:;....‘ 1 1 1 1 Hal. 5,300 8,100 Bal. Bal. 0 Office Supplies Salaries Payable Salaries Expense Bal. 2,!00 1,500 Bal. Elal. 30,500 30,500 Clea... Bal. 2,800 1,600 Bal. Bal. Prepaid Insurance Unearned Revenue Supplies Expense Bal. 2,100 1,300 Bal. Elal. 000 000‘ 0145.... ‘ Bal. 2,100 1,300 Bal. Bel. 0 Hal. 82,000 40,000 Bal. Elal. 8,100 8,100‘ Clea...‘ —Vfi Bal. 82,000 40,000 Bal. Bal. 0 Accumulated Dem—Building Common Stock Utilities Expense 25,400 Elal. 0,500 Bal. Elal. 2,100 2100‘ c155...‘ —Vfi 26,400 Bal. 6,500 Bal. Bal. 0 Land Dividends Depreciation Expense—Building Bal. 12,400 Bal. 27,500 27,500 Clea... Bal. 8,200 8,200 Clos.... Bal. ‘ 12,400 Bal. ‘ 0 Bal. ' 0 Retained Earnings (3155.... 5,200 31500551. Clds....‘ 27,500 1 4,800 Bal. Income Summary 54,100 40,000 (3155.... 5,200 0155.... 0‘ Hal. Review the ending balances of the liacceunts that you prepared in Reguirement 5. Balance AppouptTme Debit Credit Saraiaa Payabia 1.6%" Cash ‘ 2000‘ Accmmts Recehrafle ‘ 5300‘ Oflice Supplies ‘ 2.000‘ Prepa'd Insurance ‘ 2.100‘ Buildup ‘ 32.000‘ Amunmlated Depreciatiun—Buildng ‘ 26.4.00‘ Land ‘ 12.000‘ Accmmts Payable ‘ 20.700‘ Interest Payable ‘ 8.190‘ theaned Revenue ‘ 1300‘ Hates Payable ‘ 0002? Commun Stuck ' 6.500‘ Retained Eaminga ' 4.300‘ Total 5 109.401? 5 109.400‘ the campanyr's inc0me statement fer the 1prear ended June 3D. EDT Balance _ . '_TiIJe Debit (e the campany's statement 0f retained earnings for the year ended 5 4.300 I}. 2016. 5 Rm“... 5.3% e the campanyr's class'rfied balance sheet in repert farm at "flies 23:00 I}. 2016. "aura-ice 2.10-0 lize the clasing entries. 82-99" unts have been 0pened using the balances tram the adjusted tnal ate” Deflmafim—Bui'dw 5 e. Past the clasing entnes t0 the T—acceu nts- 12.000 5 Payable Jayable Payable :I Revenue ayable {Icing—term] I Stu-ck | Earnings s 215% lessenue e- Expense 4.3100 Expense 3115‘!) Expense Bil-E} Expense BAH-ll!l Expense 2.100 tien Expense—Building 3.2m} E ’II'h-Imfl ...
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