E4-25 (similar to) i fion Help x Data Table Michael's Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the closing entries for Michael's Bowling Alley (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Michael's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 17,000 Accounts Receivable 2,400 Office Supplies 500 Prepaid Insurance 2,500 Land 28,000 Building 120,000 Accumulated DepreciationBuilding $ 5,600 Equipment 44,000 Accumulated Depreciation-Equipment 13,000 Accounts Payable 5,000 Utilities Payable 600 Salaries Payable 3,300 Unearned Revenue 1,500 1,500 111,000 69,250 35,000 120.000 Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment Depreciation ExpenseBuilding 25,000 29,000 2,000 19,000 4,500 350 329,250 $ $ 329,250 Total