Question

Alternate problem C The following adjusted trial balance is for Dream Home Realty Company: Debits Credits...

Alternate problem C The following adjusted trial balance is for Dream Home Realty Company:

Debits Credits
Cash $ 98,000
Accounts Receivable 40,000
Office Equipment 35,000
Accumulated Depreciation—Office Equipment $14,000
Automobiles 40,000
Accumulated Depreciation—Automobiles 20,000
Accounts Payable 63,000
Capital Stock 75,000
Retained Earnings, beginning 54,700
Dividends 5,000
Commissions Revenue 170,000
Salaries Expense 25,000
Commissions Expense 120,000
Gas and Oil Expense 4,000
Rent Expense 14,800
Supplies Expense 1,400
Utilities Expense 2,000
Depreciation Expense—Office Equipment 3,500
Depreciation Expense—Automobiles 8,000
$ 396,700 $396,700

Prepare the closing journal entries at the end of the June 30 fiscal year.

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