The account balances of Bryan Company 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, $ 495
b. Depreciation expense on equipment, $ 670.
c. Depreciation expense on the van, $ 1,190.
d. Salary accrued (earned) since the last payday, $ 540 ( owed and to be paid on the next payday).
e. Supplies used during the period, $ 97.
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 $ 2,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the correctsequence.

Transcribed Image Text:

ACCOUNT NAME TRIAL BALANCE DEBIT CREDIT 7 Cast 5,491.00 624.00 397.00 1,280.00 6.497.00 Accounts Recevable 9 Supplies 10 Prepaid Insurance 11 Equipment 2,67200 12 Accumulated Depreciation, Equipment 13 Van 14 Accumulated Depreciation, Van 10,989.00 4,368.00 1.036.00 18,583.00 -151 Accounts Payable 16 | B. Bryan. Capital 17 B. Bryan, Drawing 18 Fees Earned 19 Salary Expense 20 Advertising Expense 18,000.00 38,417.00 18,600.00 1,887.00 462.00 685.00 164.00 21 Van Operating Expense 22 Utilites Expense 23 Miscellaneous Expense 24 5.078.00 65.076.00 KSheet1 Sheet Sheet