Mark's Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below: Requirements 1. Prepare
Question:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Service Revenue 85000 Income Summary ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Related Video
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
Students also viewed these Financial Accounting questions
-
After the success of the companys first two months, Adriana Lopez continues to operate Success Systems. The unadjusted trial balance (along with some new accounts) at November 30 follows. Success...
-
Bike World, Inc., wholesales a line of custom road bikes. Bike World's inventory, as of November 30, 2016, consisted of 22 mountain bikes costing $1,650 each. Bike World's trial balance as of...
-
Wild Wheels, Inc., wholesales a line of custom mountain bikes. Wild Wheels inventory, as of November 30, 201 2, consisted of 20 mountain bikes costing $550 each. Wild Wheels trial balance as of...
-
When would you suggest that an organization engage in workflow analysis?
-
In Figure a long straight wire carries a current i1 = 30.0A and a rectangular loop carries current i2 = 20.0 A. Take a = 1.00 cm, b = 8.00 cm, and L = 30.0 cm. In unit vector notation, what is the...
-
Lets practice the midpoint formula. Calculate the elasticity of demand for each of the following goods or services. Good or Beginning Beginning Ending Ending Elasticity of Quantity Price Quantity...
-
States There are 50 state capitols in the United States. Determine whether the given value is a statistic or a parameter.
-
Pea Corporation purchased 75 percent of the outstanding voting stock of Sen Corporation for $2,400,000 on January 1, 2011. Sen's stockholders' equity on this date consisted of the following (in...
-
Describe the relationship between strategic thinking and operational thinking. Distinguish between strategic thinking and operational thinking. Identify the aspects of the Trader Joe's case that...
-
The cross section of a concrete corner column that is loaded uniformly in compression is shown in the figure. (a) Determine the average compressive stress Ïc in the concrete if the load is equal...
-
Cynthia Elmer, CPA, had the following partial worksheet: Requirements 1. Complete the worksheet. 2. Prepare the closing entries for Cynthia Elmer, CPA. CYNTHIA ELMER, CPA Worksheet December 31, 2018...
-
Houston Veterinary Hospital completed the following worksheet as of December 31, 2018. Requirements 1. Complete the worksheet for Houston Veterinary Hospital. 2. Prepare the closing entries. 3....
-
The Whitehawk Indian Tribe believes the Bureau of Indian Affairs responds faster to grant applications from the Kinsa Tribe than it does to applications from the Whitehawk Tribe. From the...
-
What are the implications of social learning theory on the development of organizational culture and norms? Explain
-
Briefly describe In what ways can the concept of social capital be leveraged to improve knowledge management practices within an organization?
-
You are drafting a DOD fixed price incentive (firm target) solicitation to manufacture and installation of 4 automatic test equipment systems at a maintenance facility in the northern Marianna...
-
Dunkin Donuts is thinking about launching its new spinach donut, which will partly cannibalize sales of its original no-fun donut. Dunkin calculated a weighted contribution margin of $0.97 for the...
-
What is the impact of corporate social responsibility initiatives on employee attitudes and behaviors?
-
Why is it useful to look at data in a graph as well as in a table? What is the main advantage of seeing a graph of the data? For most people looking a long tables of numbers provides little useful...
-
Organizations are increasing their use of personality tests to screen job applicants. What are some of the advantages and disadvantages of this approach? What can managers do to avoid some of the...
-
Hot Bread Bakery reported Net sales revenue of $44,000 and cost of goods sold of $33,000. Compute Hot Bread's correct gross profit if the company made either of the following independent accounting...
-
Nature Foods Grocery reported the following comparative income statements for the years ended June 30, 2019 and 2018: During 2019, Nature Foods Grocery discovered that ending 2018 merchandise...
-
Calm Day reported the following income statement for the year ended December 31, 2019: Requirements 1. Compute Calm Day's inventory turnover rate for the year. (Round to two decimal places.) 2....
-
1) describe the key objective of occupational health and safety legislation? 2) We Build It Inc. makes furniture and has a Workplace Safety and Health Program. A Workplace Safety and Health officer...
-
Write a 1400 word essay (MLA format) on the topic following: How Canadian Labour law have changed through history? Include the following. 1. What is Labour law? How much has it changed and developed?...
-
1) Samantha works as a waitress at a restaurant. On Friday night, Samantha was walking through the kitchen area and slipped and fell in a puddle of water that was on the floor. Samantha hurt her back...
Study smarter with the SolutionInn App