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Current Attempt in Progress An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2021, for Crane Bowling Lanes

Current Attempt in Progress

An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2021, for Crane Bowling Lanes is as follows:

Accounts payable $8,500 Notes payable $25,300
Accounts receivable 11,070 Prepaid insurance 820
Accumulated depreciationequipment 18,600 Service revenue 36,900
Cash 19,850 Supplies 740
Depreciation expense 9,300 Supplies expense 7,845
Equipment 83,545 T. Williams, capital 85,500
Insurance expense 4,100 T. Williams, drawings 19,000
Interest expense 600 Unearned revenue 980

Prepare the closing entries at August 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Aug. 31

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

(To close revenue accounts)

Aug. 31

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

(To close expense accounts)

Aug. 31

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

(To close profit to capital)

Aug. 31

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

Accounts PayableAccounts ReceivableAccumulated DepreciationEquipmentCashDepreciation ExpenseEquipmentIncome SummaryInsurance ExpenseInterest ExpenseNo EntryNotes PayablePrepaid InsuranceService RevenueSuppliesSupplies ExpenseT. Williams, CapitalT. Williams, DrawingsUnearned Revenue

(To close drawings account)

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