Question
1. Prepare the closing entries for Marty Marty 's Bowling Alley. 2. Prepare apost-closing trial balance. 3. Compute the current ratio for Marty Marty 's
1.
Prepare the closing entries for Marty
Marty's Bowling Alley.
2.
Prepare apost-closing trial balance.
3.
Compute the current ratio for Marty
Marty's Bowling Alley.
Marty's Bowling Alley
Adjusted Trial Balance
December 31, 2018
Balance
Account Title
Debit
Credit
Cash
$15,500
Accounts Receivable
3,200
Office Supplies
850
Prepaid Insurance
2,900
Land
15,000
Building
150,000
Accumulated DepreciationBuilding
$5,500
Equipment
50,000
Accumulated DepreciationEquipment
18,000
Accounts Payable
3,900
Utilities Payable
500
Salaries Payable
3,500
Unearned Revenue
2,000
Bech, Capital
199,450
Bech, Withdrawals
28,000
Service Revenue
110,000
Insurance Expense
21,000
Salaries Expense
32,000
Supplies Expense
1,600
Utilities Expense
17,000
Depreciation ExpenseEquipment
5,500
Depreciation ExpenseBuilding
300
Total
$342,850
$342,850
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