Question
Presented below are the year-end balances at October 31 of Max Missle Paintball Co. All accounts have normal balances. Accounts receivable $5,000 Accounts payable 13,000
Presented below are the year-end balances at October 31 of Max Missle Paintball Co. All accounts have normal balances.
Accounts receivable $5,000
Accounts payable 13,000
Accumulated depreciation, equipment 15,000
Advertising expense 1,000
Cash 30,000
Depreciation expense, equipment 3,000
Insurance expense 1,000
Interest revenue 1,000
Laundry equipment 130,000
Notes payable 30,000
Max Missle, capital 47,500
Max Missle, withdrawals 5,000
Prepaid insurance 6,000
Salaries payable 2,000
Salary expense 4,000
Service revenue 80,000
Supplies 1,000
Supplies expense 100
Unearned laundry service revenue 100
Prepare the necessary closing entries at October 31 (12 points).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started