The adjusted trial balance of Estella Real Estate Appraisal at June 30, 2016, follows:
ESTELLA REAL ESTATE APPRAISALAdjusted Trial BalanceJune 30, 2016
Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceBuildingAccumulated Depreciation - BuildingLandAccounts PayableInterest PayableSalaries PayableUnearned RevenueNotes Payable (long-term)Common StockRetained EarningsDividendsService RevenueInsurance ExpenseSalaries ExpenseSupplies ExpenseInterest ExpenseUtilities ExpenseDepreciation Expense - BuildingTotalBalanceDebit$4,6005,3001,5001,60077,00013,50027,2004,30033,0002008,4002,5007,700$186,800Credit$26,00019,3008,4001,9005,30037,0003,00037,00048,900$186,800
Requirements
- Prepare the company's income statement for the year ended June 30, 2016.
- Prepare the company's statement of retained earnings for the year ended June 30, 2016.
- Prepare the company's classified balance sheet in report form at June 30, 2016.
- Journalize the closing entries.
- Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts.
- Prepare the company's post-closing trial balance at June 30, 2016.