Question
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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