Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 19 - Related-Party Transaction Ruse

Authors: Kate Mooney

1st Edition

0071719415, 9780071719414

More Books

Students also viewed these Accounting questions

Question

Did you provide headings that offer structure to the information?

Answered: 1 week ago