Question

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

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

Debit $

Credit $

Cash at bank

12500

Accounts receivable

9240

Office supplies

770

Prepaid insurance

2750

Office equipment

15400

Accumulated depreciation—office equipment

5280

Accounts payable

3680

Salaries payable

1200

Rent revenue received in advance

760

Morrison, Capital

17820

Morrison, Drawings

1250

Service revenue

32600

Rent revenue

15000

Salaries expense

17800

Office supplies expense

1900

Rent expense

11500

Insurance expense

2350

Depreciation expense—office equipment

880

76340

76340

Required

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

b)    Prepare Morrison’s Capital account using the T-account provided below. (Total 15 Marks)

  Morrison, Capital

Date

Explanation

Amount $

Date

Explanation

Amount $
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