The unadjusted trial balance of Glenn Real Estate Appraisal at June 30, 2009 follows.

 

Glenn Real Estate Appraisal

Trial Balance

June 30, 2009

Balance

Account Titles Debit Credit

Cash 12,300

Accounts receivable 26,400

Supplies 1,200

Prepaid Insurance 3,200

Building 70,700

Accumulated Depreciation 33,200

Land 30,000

Accounts payable 39,100

Interest payable 1,400

Salary Payable -

Maggie Glenn, Capital 37,900

Maggie Glenn, Withdrawals 45,300

Service Revenue 109,800

Salary Expense 21,400

Depreciation Expense

Insurance Expense 3,100

Utilities Expense 4,300

Supplies Expense 3,500

Total $221,400 $221,400

 

Adjustment data at June 30,2009 :

a. Prepaid insurance expired, $3,000

b. Accrued service revenue, $900

c. Accrued salary expense $700

d. Depreciation for the year, $11,200

e. Supplies used during the year, $200.

 

Requirements:

 

1. Open T-accounts for Maggie Glenn, Capital and all the accounts that follow. Insert their unadjusted balance. 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 the accounts that you opened. Draw a double line under each account balance that you close to zero

 

4. Compute the ending balance of Maggie Glenn, Capital