Matthew's Boling Alley's adjusted trial balance as of December 31, 2016 is presented below:

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

Transcribed Image Text:

MATTHEW'S BOWLING ALLEY Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Building Accumulated Depreciation-Building Land $ 18,500 3,300 650 2,600 41,000 $ 22,000 135,000 5,500 30,000 Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment Depreciation Expense-Building Total 3,600 675 3,500 1,700 107,000 104,825 30,000 100,000 28,000 30,000 1,800 25,000 2,500 450 S 348,800 $348,800