Requirement 1. Prepare the closing entries for Matt's Bowing Aley. (Record debits first, the credits Select the explanation on the landline 0 Start by closing revenues SAT otions Date Debit Credit 25 ext Dec 31 Clos (t) Accounts and Explanation Service Revenue Income Summary 2 a Library Debit Credit esources Close expenses for the period Date Accounts and Explanation Dec 31 Income Summary Clos (2) Insurance Expense Salaries Expense Supplies Expense Usnes Expense Depreciation Expense Guiding Study Modules ication Tools Resources he last line of the journal entry t- ing ue ary Matt's Bowling Alley Adjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 16,000 Accounts Receivable 3,200 Office Supplies 950 Prepaid Insurance 2,500 Land 30,000 Building 165,000 Accumulated Depreciation-Building 7,500 Equipment 48,000 Accumulated Depreciation Equipmede 23,000 Accounts Payable 3,600 Utilities Payable 710 Acd mary spense ense penso Date Debit Credit Dec. 31 Clos. (2) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Building Depreciation Expense-Equipment Close Income Summary Date Accounts and Explanation Dec. 31 Income Summary Clos (3) Debit Credit Date Accounts and Explanation Debit Credit Dec 31 Clos. (4) Matt's Bowling Alley Post-Closing Trial Balance December 31, 2024 Balance Debit Credit 16000 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Utilities Payable Salaries Payable Uneamed Revenue Salaries Payable 2,900 Unearned Revenue 1,800 Common Stock 105,000 Retained Earnings 119,790 Dividends 24,000 Service Revenue 110,000 Insurance Expense 21,000 Salaries Expense 37,000 1,100 Supplies Expense Utilities Expense Depreciation Expense-Equipment 20,000 5,000 550 Depreciation Expense-Building $ 374,300 $ 374,300 Total