The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.

Required

(a) Complete the worksheet.

(b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the entity’s accounting period.

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ELLIOT PAINTING SERVICES Worksheet (Partial) for the year ended 30 June 2019 Adjusted trial balance Income statement Balance sheet Account Debit Credit Debit Credit Debit Credit Cash at Bank $ 1230 Accounts Receivable 75 600 Prepaid Rent 1800 8320 160 000 Office Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital F. Elliot, Drawings Painting Revenue $ 25000 54 000 8760 3430 101 500 22000 219 650 Salaries Expense 106000 Rent Expense 6050 Depreciation Expense 8040 Telephone Expense 4020 Office Supplies Expense 10080 Sundry Expenses Profit for the period Totals 9 200 $412340 $412 340