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

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