Mels Bowling Alleys adjusted trial balance as of December 31, 2014 is presented below. Requirements 1. Prepare
Question:
Mel’s Bowling Alley’s adjusted trial balance as of December 31, 2014 is presented below.
Requirements
1. Prepare the closing entries for Mel’s Bowling Alley.
2. Prepare a post-closing trial balance.
3. Compute the current ratio for Mel’s BowlingAlley.
MEL'S BOWLING ALLEY Adjusted Trlal Balance December 31, 2014 Balance Account Title 15,400 2,310 Accounts Receivable Office Supplies Prepad Insurance Accumulated Depreciation-Equipment 5 12.000 Accumulated Depreciation--Building 4,500 15,000 Accounts Payable Ubilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earrings 3400 2,840 1300 100,000 30,325 28,000 Service Revenue Insurance Expense Salaries Expense Supplies Expense Ubilities Expense 94,000 12,000 $248,985 $248,985
Step by Step Answer:
Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Service Revenue 94000 Income Summary ...View the full answer
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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