Question
following account balances are taken from the adjusted trial balance of Bowling Lanes at December 31, 2020. Debit Credit Bowling Supplies Prepaid Insurance 320.00 Accounts
following account balances are taken from the adjusted trial balance of Bowling Lanes at December 31, 2020.
Debit
Credit
Bowling Supplies
Prepaid Insurance
320.00
Accounts Payable
535.00
Long Term Notes Payable
15,000.00
D. Allen, Capital
31,800.00
Bowling Equipment
74,325.00
Accumulated Depreciation- Bowling Equip.
18,585.00
D. Allen, Withdrawals
23,500.00
Bowling Revenue
81,750.00
Equipment Repairs Expense
630.00
Rent Expense
8,175.00
Interest Expense
900.00
Bowling Supplies Expense
1,835.00
Insurance Expense
1,680.00
Depreciation Expense, Bowling Equipment
7,125.00
Wages payable
420.00
Wages Expense
24,720.00
Cash
1,250.00
Rent Payable
975.00
Property Taxes Payable
285.00
Utilities Expense
3,530.00
Property Tax Expense
1,045.00
Totals
149,350.00
149,350.00
Prepare Closing Entries and Post Closing Trial Balance at December 31, 2020
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Financial Accounting
Authors: J. David Spiceland ,Wayne M. Thomas ,Don Herrmann
2nd Revised Edition
0071088385, 978-0071088381
