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

ELLIOT PAINTING SERVICES Worksheet (Partial) for the year ended 30 June 2016

Adjusted trial balance

Income statement

Balance sheet

Account

Debit

Credit

Debit

Credit

Debit

Credit

Cash at Bank Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital F. Elliot, Drawings Painting Revenue Salaries Expense Rent Expense Depreciation Expense Telephone Expense Office Supplies Expense Sundry Expenses

1 230 75 600 1 800 8 320 160 000 22 000 106 000 6 050 8 040 4 020 10 080 9 200

25 000 54 000 8 760 3 430 101 500 219 650

412 340

412 340

Profit for the period

Totals

Required

A. Complete the worksheet.

B. Prepare the closing entries necessary at 30 June 2016, assuming that this date is the end of the entity’s accounting period.