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Problem #2 Closing Entries (20 pts) Shown below is Adventure Travel's adjusted trial balance as of the end of its annual accounting period: Adventure Travel
Problem #2 Closing Entries (20 pts) Shown below is Adventure Travel's adjusted trial balance as of the end of its annual accounting period: Adventure Travel Adjusted Trial Balance December 31 ...... Cash ......... Accounts receivable Office supplies....... Office equipment Accumulated depreciation Office equipment Long-term notes payable Brady, Capital......... Brady, Withdrawals. Fees earned.......... Salaries expense..... Rent expense..... Depreciation expense-Office equipment.. Advertising expense Office supplies expense Totals ....... Dr. Cr. $ 25,000 15,000 4,300 29,600 $ 5,000 25,000 30,260 1,000 75,000 32,800 16,800 3,960 4,000 2,800 $135,260 $135,260 (a) Prepare the necessary closing journal entries only. Extra Credit = +5 pts. - What is the ending balance in M. Brady, Capital
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