Carroll Management Services, Ltd. began business on January 1, 2017, with a capital investment of 120,000. The

Carroll Management Services, Ltd. began business on January 1, 2017, with a capital investment of £120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows.

Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified statement of financial position.
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.

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CARROLL MANAGEMENT SERVICES, LTD Worksheet For the Year Ended December 31, 2017 2 Adjusted Trial Balance Trial Balance Account Titles 13,800 26,300 3,600 67,000 127,000 59,000 Cash Accounts Receivable Prepaid Insurance 13,800 26,300 1,800 67,000 127,000 59,000 Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense 12,500 8,000 120,000 80,000 54,000 12,500 3,500 120,000 80,000 54,000 16,000 16,000 90,700 26,000 90,700 30,500 42,000 17,500 19,000 91,200 391,200 42,000 17,500 19,000 Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable 1,800 6,600 3,000 3,600 9,600 9,600 407,400 407,400 Totals