Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adjusted trial balance of Denzel Real Estate Appraisal at June 30, 2025, follows:

Requirements 

1. Prepare the company’s income statement for the year ended June 30, 2025.
2. Prepare the company’s statement of owner’s equity for the year ended June 30, 2025. Assume there were no owner contributions made during the year.
3. Prepare the company’s classified balance sheet in report form at June 30, 2025.
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, 2025.

Transcribed Image Text:

DENZEL REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2025 Balance Account Title Debit Credit Cash $ 4,900 Accounts Receivable 5,300 Supplies 2,400 Prepaid Insurance 1,800 Land 13,600 Building 74,400 Accumulated Depreciation-Building Accounts Payable $ 26,700 19,500 Interest Payable 8,800 Salaries Payable 2,200 Unearned Revenue 1,300 Notes Payable (long-term) 40,000 Washington, Capital 40,500 Washington, Withdrawals 27,900 Service Revenue 48,200 Insurance Expense 4,500 Salaries Expense 33,300 Supplies Expense 600 Interest Expense 8,800 Utilities Expense Depreciation Expense-Building 2,200 7,500 Total $ 187,200 $ 187,200