Michael’s Esports Tutoring reported the following partial list of accounts in its June 30, 2023, financial records:

Required

1. Prepare the company’s closing entries. Include explanations.

2. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June 30, 2023?

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Michael Lucas, Capital........ Service Revenue..... Unearned Revenues. Salaries Expense....... Accumulated Amortization..... Supplies Expense.......... Interest Revenue.. $118,400 256,400 Interest Expense Accounts Receivable. Salaries Payable........ 5,400 70,000 Amortization Expense....... 140,000 11,800 5,800 $ 8,800 56,000 3,400 40,800 Rent Expense... 23,600 Michael Lucas, Withdrawals...... 90,000 Supplies. 5,600