Mark's Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below:

Requirements
1. Prepare the closing entries for Mark's Bowling Alley.
2. Prepare a post-closing trial balance.
3. Compute the current ratio for Mark's Bowling Alley.

Transcribed Image Text:

MARK'S BOWLING ALLEY Adjusted Trial Balance December 31, 2018 Balance Debit Credit Account Title $ 20,000 Cash Accounts Receivable 2,900 Office Supplies 1,150 Prepaid Insurance 2,700 Land 20,000 Building 145,000 $ 7,000 Accumulated Depreciation-Building Equipment 43,000 Accumulated Depreciation-Equipment 20,000 Accounts Payable 4,800 Utilities Payable 625 Salaries Payable 3,800 Unearned Revenue 1,900 Common Stock 106,000 Retained Earnings 114,250 Dividends 31,000 Service Revenue 85,000 Insurance Expense 26,000 Salaries Expense 28,000 Supplies Expense 1,300 Utilities Expense 15,000 Depreciation Expense-Equipment 7,000 Depreciation Expense-Building 325 $ 343,375 $ 343,375 Total