Question
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
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 |
Prepare closing entries for Mikes Gym for December 31, 2020.
| GENERAL JOURNAL PAGE | |||||
| DATE/# | ACC# / DESCRIPTION | P.R | DEBIT | CREDIT | |
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What is Mikes Capital balance on December 31, 2020?
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
12th edition
978-1133952428, 1285078578, 1133952429, 978-1285078571
