Mark’s Bowling Alley’s adjusted trial balance as of December 31, 2024, is presented below:

Requirements

1. Prepare the closing entries for Mark’s Bowling Alley. 

2. Prepare a post-closing trial balance. 

3. Compute the current ratio for Mark’s Bowling Alley.

Transcribed Image Text:

Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land MARK'S BOWLING ALLEY Adjusted Trial Balance December 31, 2024 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Benoit, Capital Benoit, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment Depreciation Expense-Building Total Balance Debit $ 20,000 2,900 1,150 2,700 20,000 145,000 43,000 31,000 26,000 28,000 1,300 15,000 7,000 325 $ 343,375 Credit $ 7,000 20,000 4,800 625 3,800 1,900 220,250 85,000 $ 343,375