Michael's Tennis reported the following selected accounts in its June 30, 2017, annual financial statements: Required 1.
Question:
Michael's Tennis reported the following selected accounts in its June 30, 2017, annual financial statements:
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, 2017?
Transcribed Image Text:
Michael Lucas, Capital Service Revenue..356,400 Accounts Receivable Unearned Revenues.. Salaries Expense Accumulated Amortization Supplies Expense... Interest Revenue. $ 8,800 56,000 3,400 170,000 Amortization Expens.40,800 140,000 Rent Expens.23,600 11,800 Michael Lucas, Withdrawals ..90,000 .. 5,600 ... $118400 Interest Expense 0 Salaries Payable 5,800 Supplies
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Req 1 Journal DATE 2017 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Closing E...View the full answer
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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