Question

The adjusted trial balance shown below is for Greenwood Real Estate at the end of its...

The adjusted trial balance shown below is for Greenwood Real Estate at the end of its reporting period 30 June 2019.

Debit $

Credit $

Cash at bank

10400

Accounts receivable

9400

Office supplies

600

Prepaid insurance

2500

Office equipment

14000

Accumulated depreciation—office equipment

4800

Accounts payable

3800

Salaries payable

2000

Rent revenue received in advance

600

Greenwood, Capital

16200

Greenwood, Drawings

700

Service revenue

35600

Rent revenue

12000

Salaries expense

28000

Office supplies expense

1700

Utility expense

5000

Insurance expense

1500

Depreciation expense—office equipment

1200

75000

75000

Required

Prepare the required closing entries for Greenwood Real Estate for the year ended 30 June 2019. Narrations are required.

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