“ Secure ! https/www.mathxLcom/Student/PlayerTest.aspx?testid. 180878624 Financi

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“ Secure ! https/www.mathxLcom/Student/PlayerTest.aspx?testid. 180878624 Financial Accounting I Section 3 Spring Semester 2018 Samuel Mlchel&1 43/18 12:45 Quiz: Quiz 2 Time Remaining: 01 1956 Subeia This Question: 1 pt 2 ol 4 (1 complete) This Quiz: 4 pts po Data Table Michaets Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below EE (Oick the icon to view the adusted trial balance ) Read the nerement Accounts Payable ilties Payable Salaries Payable Uneamed Revenue 13,000 3,800 575 3,900 2,000 247,875 Requirement L. Prepare the closing entries for Michael's Bowling Alley (Record debits first, then credits Select Start by closing revenues Date Accounts and Explanation Debit Credit Benson Capital Benson, Withdrawals Service Ruvenue Insurance Expense Salares Expense Suppies Expense ??1tes Expense Dec 31 Cos. (1) 25,000 100,000 30,000 41,000 1,700 20,000 500 Cose expenses for the penod Date Accounts and Explanation Debit Credit Print Done Choose from any list or enter any number in the input fields and then continue to the next question 12:45

Explanation / Answer

Michael's Bowling Alley 1. Entry to close revenue accounts Date Account Title Debit Credit Dec.31 Service Revenue 100000 Clos (1) Income Summary 100000 2. Entry close expense accounts Date Account Title Debit Credit Dec.31 Income Summary 94200 Clos.(2) Insurance Expense 30000 Salaries Expense 41000 Supplies Expense 1700 Utilities Expense 20000 Depreciation Expense 1500 3. Entry to close the income summary Date Account Title Debit Credit Dec.31 Income Summary 5800 Clos.(3) Benson, Capital 5800 4. Entry to close the withdrawals account Date Account Title Debit Credit Dec.31 Benson, Capital 25000 Clos.(3) Benson, withdrawals 25000

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