Question
The following account balances are taken from the adjusted trial balance of Best of Fun Bowling Lanes at December 31, 2020. DebitCredit Bowling SuppliesPrepaid Insurance320.00Accounts
The following account balances are taken from the adjusted trial balance of Best of Fun Bowling Lanes at December 31, 2020.
DebitCreditBowling SuppliesPrepaid Insurance320.00Accounts Payable535.00Long Term Notes Payable15,000.00D. Allen, Capital31,800.00Bowling Equipment74,325.00Accumulated Depreciation- Bowling Equip.18,585.00D. Allen, Withdrawals23,500.00Bowling Revenue81,750.00Equipment Repairs Expense630.00Rent Expense8,175.00Interest Expense900.00Bowling Supplies Expense1,835.00Insurance Expense1,680.00Depreciation Expense, Bowling Equipment7,125.00Wages payable420.00Wages Expense24,720.00Cash1,250.00Rent Payable975.00Property Taxes Payable285.00Utilities Expense3,530.00Property Tax Expense1,045.00Totals149,350.00149,350.00
Prepare closing entries at December 31, 2020.
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College Accounting Chapters 1-13
Authors: John Price
14th Edition
007763991X, 9780077639914
