Part IV (25 points) The information presented below is taken from the adjusted t

Question

Part IV (25 points) The information presented below is taken from the adjusted trial balance of the Eelis Co. as of December 31, 1978. Service revenue Notes payable Rent expense Rent revenue Accumulated depreciation-Equipment Depreciation expense-Equipment Equipment Accounts receivable Supplies expense Utilities expense J. Eelis, Capital J. Eelis, Withdrawals Salaries expense Supplies Interest payable Interest expense Property tax expense Accounts payable $10,000 50,000 5,000 8,000 6,000 10,000 1,000 25,000 3,000 5,000 6,000 20,000 5,000 8,000 9,000 2,000 5,000 2,000 3,000 Indaede Closima Enties

Explanation / Answer

$ $ Service Revenue                              50,000 Rent Revenue                                6,000     Income Summary                                56,000 Income Summary                              35,000    Salary expenses                                   8,000    Rent expenses                                   8,000    Depreciation expenses                                   1,000    Supplies Expenses                                   5,000    Utility Expenses                                   6,000    Interest Expenses                                   5,000    Property Tax expenses                                   2,000 Income Summary                              21,000    Retained Earnings                                21,000

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