Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The following year-end accounts as of December 31, 2017 are listed in alphabetical order and have normal balances.

Required
1. Prepare an adjusted trial balance as at December 31, 2017. Will Nick Stilz€™s capital account of $110,100 appear on the balance sheet as at December 31, 2017? Explain.
2. Prepare the closing entries for the company.
3. What is the ending balance of Nick Stilz€™s capital account as at December 31, 2017?

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$ 13,000 Accumulated depreciation, equipment... Prepaid insurance. Rent expense. $ 6,500 40,000 Cash 61,000 Depreciation expense, equipment. Equipment... Salaries expense Supplies 42,000 4,000 46,000 4,000 Insurance expense Nick Stilz, capital . Nick Stilz, withdrawals Supplies expense Ticket revenue. 8,600 3,000 110,100 131,000 Unearned revenue 43,000 4,000