Jarmuz Management Services began business on January 1, 2014, 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 balance sheet. ($30,000 of the mortgage note payable is due for payment next year.)
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trialbalance.

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ARMUZ MANAGEMENT SERVICES Worksheet For the Year Ended December 31, 2014 Adjusted Trial Balance Trial Balance Account Titles Cr as Accounts Receivable Prepaid Insurance Land Buildings Equipment 13,800 28,300 3,600 67,000 127,000 59,000 13,800 28,300 2,400 67,000 127,000 59,000 Accounts Payable 12,500 6,000 120,000 144,000 12,500 1,500 120,000 144,000 Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense 22,000 22,000 90,700 29,000 90,700 33,500 42,000 20,500 19,000 _ 42,000 20,500 19,000 Totals 402,200 402,200 1,200 6,600 Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable 3,000 3,600 10,000 10,000 418,800 Totals 418,800