1. E48 The accountant for Perfect Paintball has posted adjusting entries (a) through (e) to the accounts at December 31, 2020. All the revenue, expense, and owners equity accounts of the entity are listed in T-account form.

   Required

   1. Journalize Perfect Paintballs closing entries at December 31, 2020. Include explanations. Indicate if the business had a profit or loss for the year.

   2. Determine Perfect Paintballs ending Capital balance at December 31, 2020.

   1-9 Full Alternative Text

   3

   Identifying and journalizing closing entries

   2. V. Deep, Capital bal., $112,050

2. E49 The adjusted trial balance for Prias Music Lessons