Quality of hotels construction determines the:

ACCT 211 In-Class Activity 3 Student name:_____________________________

The companys trial balance shows the following accounts:

Cash

$12,200

Loan Payable

$38,000

Mikes Capital

$14,320

A/P

$2,150

Gym Equipment

$38,000

Rent expense

$1,500

A/R

$2,000

Withdrawal

$600

Salary expense

$8,600

Revenue

$22,000

Unearned revenue

$4,600

Supplies expense

$150

Utility expense

$980

Interest expense

$500

Cleaning expense

$770

Security expense

$444

1. Prepare closing entries for Mikes Gym for December 31, 2020.

GENERAL JOURNAL PAGE

DATE/#

ACC# / DESCRIPTION

P.R

DEBIT

CREDIT

2. What is Mikes Capital balance on December 31, 2020?

Select one:

a. operating costs of the facility

b. cost of advertising new services

c. management company's fees

d. franchise fees

UOL ADB Aabct Abod Ant I Noma 1 No Spa Mending Heading Suntem Paragraph 1. Prepare closing entries for Mike's Gym for December 31, 2020 GENERAL JOURNAL PAGE DATE# 2020 31 PR ACC#/DESCRIPTION Revenue Income Summary DEBIT 22000 CREDIT 22000 Income Summary Rent Expense Salary Expense Utility Expense Cleaning Expense Security Expense Interest Expense Supplies Expense 1500 8600 980 770 444 500 150 2. What is Mike's Capital balance on December 31, 20202