ACC 250 grand canyon week 4 excel Elias real estate appraisal
Problems Group A
P4-27A Preparing financial statements including a classified balance sheet in
report form, preparing and posting closing entries, and preparing a
post-closing trial balance
The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2014 follows:
Learning Objectives 1, 3, 4
Net Loss $(8,700)
Cash Debit 4,900
Accounts Receivable Debit 5,300
Office Supplies Debit 2,400
Prepaid Insurance Debit 1,800
Building Debit 74,400
Accumulated Depreciation—Building Credit 26,700
Land Debit 13,600
Accounts Payable Credit 19,500
Interest Payable Credit 8,800
Salaries Payable Credit 2,200
Unearned Revenue Credit 1,300
Notes Payable (long-term) Credit 40,000
Elias, Capital Credit 40,500
Elias, Withdrawals Debit 27,900
Service Revenue Credit 48,200
Insurance Expense Debit 4,500
Salaries Expense Debit 33,300
Supplies Expense Debit 600
Interest Expense Debit 8,800
Utilities Expense Debit 2,200
Depreciation Expense—Building Debit 7,500
Total Debit 187,200 Credit 187,200
ELIAS REAL ESTATE APPRAISAL
Adjusted Trial Balance
June 30, 2014
1. Prepare the company’s income statement for the year ended June 30, 2014
2. Prepare the company’s statement of owner’s equity for the year ended June 30, 2014. Assume that there were no contributions made by the owner during the year.
3. Prepare the company’s classified balance sheet in report form at June 30, 2014.
4. Journalize the closing entries.
5. Open the T-accounts using the balances from the adjusted trial balance and post
the closing entries to the T-accounts.
6. Prepare the company’s post-closing trial balance at June 30, 2014.