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The adjusted trial balance of Emest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Li Expenses: Revenues: ♥ Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity 4 Data table Account Title Cash Accounts Receivable Office Supplies Skice Prepaid Insurance Land - sabing Accumulated Depreciation Building Accums Accounts Payable Accouns Interest Payable Salaries Payable Unearned Revenue Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Notes Payable (long-term) Howes rayaan! Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total S $ Debit Balance 4,100 4,900 2,700 1.500 13,100 $1,000 27,400 4,200 31,800 800 8,800 2,500 8,100 $ 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900

The adjusted trial balance of Emest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Li Expenses: Revenues: ♥ Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity 4 Data table Account Title Cash Accounts Receivable Office Supplies Skice Prepaid Insurance Land - sabing Accumulated Depreciation Building Accums Accounts Payable Accouns Interest Payable Salaries Payable Unearned Revenue Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Notes Payable (long-term) Howes rayaan! Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total S $ Debit Balance 4,100 4,900 2,700 1.500 13,100 $1,000 27,400 4,200 31,800 800 8,800 2,500 8,100 $ 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Lc Expenses: Revenues: C Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity Data table Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Building Accumulated Depreciation-Building Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total Print S $ Debit Done Balance 4,100 4,900 2,700 1,500 13,100 81,000 27,400 $ 4,200 31,800 800 8,800 2,500 8,100 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900 X
Transcribed Image Text:The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Lc Expenses: Revenues: C Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity Data table Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Building Accumulated Depreciation-Building Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total Print S $ Debit Done Balance 4,100 4,900 2,700 1,500 13,100 81,000 27,400 $ 4,200 31,800 800 8,800 2,500 8,100 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900 X
Ewan Insurance Agency started the year with a beginning Ewan, Capital balance of $29,500. During the year, Ewan Insurance Agency earned $41,000 of Service Revenue and incurred $21,000 of various expenses. Ewan withdrew $16,000 from the business. After the closing entries are recorded and posted, what will be the balance of Ewan, Capital? Post the beginning balance and closing entry amounts to the Capital account. Use a "Bal." posting reference to show the beginning and ending balance of the Capital account. Use a "Clos." posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account). Ewan, Capital Bal. Clos.
Transcribed Image Text:Ewan Insurance Agency started the year with a beginning Ewan, Capital balance of $29,500. During the year, Ewan Insurance Agency earned $41,000 of Service Revenue and incurred $21,000 of various expenses. Ewan withdrew $16,000 from the business. After the closing entries are recorded and posted, what will be the balance of Ewan, Capital? Post the beginning balance and closing entry amounts to the Capital account. Use a "Bal." posting reference to show the beginning and ending balance of the Capital account. Use a "Clos." posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account). Ewan, Capital Bal. Clos.
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