Jarmuz Management Services began business on January 1, 2014, with a capital investment of $120,000.

Jarmuz Management Services began business on January 1, 2014, 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 worksheet at the end of the first year are as follows.

JARMUZ MANAGEMENT SERVICES Worksheet For the Year Ended December 31, 2014

Account Titles

Trial Balance

Adjusted
Trial Balance

Cash

13,800

13,800

Accounts Receivable

28,300

28,300

Prepaid Insurance

3,600

2,400

Land

67,000

67,000

Buildings

127,000

127,000

Equipment

59,000

59,000

Accounts Payable

12,500

12,500

Unearned Rent Revenue

6,000

1,500

Mortgage Payable

120,000

120,000

Owner”s Capital

144,000

144,000

Owner”s Drawings

22,000

22,000

Service Revenue

90,700

90,700

Rent Revenue

29,000

33,500

Salaries and Wages Expense

42,000

42,000

Advertising Expense

20,500

20,500

Utilities Expense

19,000

19,000

Totals

402,200

402,200

Trial Balance

Adjusted
Trial Balance

Account TitlesDr. Cr.

Insurance Expense Depreciation Expense

1,200
6,600

Accumulated Depreciation—Buildings

3.000

Accumulated Depreciation—Equipment

3.600

Interest Expense

10,000

Interest Payable

10,000

Totals

418,800

418,800

Instructions

(a) Prepare a complete worksheet.

(b) Prepare a classified balance sheet. (Note: $30,000 of the mortgage note 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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