Financial Statements for Rebecca Sherrick Management Service

P3-4B Rebecca Sherrick Management Services Inc. began business on January 1, 2002, with
a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the work sheet at the end of the first year are as follows.
Account Income Statement Balance Sheet

Work Sheet
For the Year Ended December 31, 2002
Trial Balance Trial Balance

Account Titles Dr. Cr. Dr. Cr.
Cash 14,500 14,500
Accounts Receivable 23,600 23,600
Prepaid Insurance 3,100 1,600
Land 56,000 56,000
Building 106,000 106,000
Equipment 48,000 48,000
Accounts Payable 10,400 10,400
Unearned Rent Revenue 5,000 1,800
Mortgage Payable 100,000 100,000
Common Stock 90,000 90,000
Retained Earnings 30,000 30,000
Dividends 20,000 20,000
Service Revenue 75,600 75,600
Rent Revenue 23,000 26,200
Salaries Expense 30,000 30,000
Advertising Expense 17,000 17,000
Utilities Expense 15,800 15,800
Totals 334,000 334,000
Insurance Expense 1,500
Depreciation Expense-Building 2,500
Accumulated Depreciation-Building 2,500
Depreciation Expense-Equipment 3,900
Accumulated Depreciation-Equipment 3,900
Interest Expense 10,000
Interest Payable 10,000
Totals 350,400 350,400
(a) Prepare a complete work sheet.
(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment
next year.)
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.

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