The unadjusted trial balance and adjustment data of Smith Real Estate Appraisal Company at June 30, 2012,

Question:

The unadjusted trial balance and adjustment data of Smith Real Estate Appraisal Company at June 30, 2012, follow:

The unadjusted trial balance and adjustment data of Smith Real Estate

Adjustment data at June 30, 2012:
a. Prepaid insurance expired, $400.
b. Accrued service revenue, $1,100.
c. Accrued salary expense, $700.
d. Depreciation for the year, $8,500.
e. Supplies used during the year, $100.

Requirements
1. Open T-accounts for Smith, capital and all the accounts that follow on the trial balance. Insert their unadjusted balances. Also open a T-account for Income summary, which has a zero balance.
2. Journalize the adjusting entries and post to the accounts that you opened. Show the balance of each revenue account and each expense account.
3. Journalize the closing entries and post to the accounts that you opened. Draw double underlines under each account balance that you close to zero.
4. Compute the ending balance of Smith,capital.

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Related Book For  book-img-for-question

Accounting

ISBN: 978-0132569309

9th Edition

Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv

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