Carlton Tennis Clubs adjusted trial balance at the end of its fiscal year follows. Required 1. Prepare

Carlton Tennis Club’s adjusted trial balance at the end of its fiscal year follows.

Required
1. Prepare T accounts and enter the balances for J. Kojas, Capital; J. Kojas, Withdrawals; Income Summary, and all revenue and expense accounts.
2. Enter the four required closing entries in the T accounts, labeling the components
a. (credit balances),
b. (debit balances),
c. (Income Summary),
d. (withdrawals), as appropriate.
3. Prepare an income statement, a statement of owner’s equity, and a balance sheet for Carlton Tennis Club.
4. Explain why it is necessary to make closing entries at the end of an accountingperiod.

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Carlton Tennis Club Adjusted Trial Balance June 30, 2014 Cash Prepaid Advertising Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Payable Property Taxes Payable Unearned Revenue-Locker Fees J. Kojas, Capital J. Kojas, Withdrawals Revenue from Court Fees Revenue from Locker Fees Wages Expense Maintenance Expense Advertising Expense Utilities Expense Supplies Expense Depreciation Expense-Building Depreciation Expense- Equipment Property Taxes Expense Miscellaneous Expense 26,200 9,600 1,200 100,000 645,200 260,000 156,000 50,400 73,000 9,000 22,500 3,000 471,150 54,000 678,100 9,600 351,000 51,600 39,750 64,800 6,000 30,000 12,000 22,500 6,900 1,576,750 1,576,750