Rockford Management Services began business on January 1, 2010, 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.
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Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $20,000 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 trialbalance.