Exercise 4-2 ournalizing adjusting and Jounalize the adjusting and closing entries for the company in Exercise 4-1. Include dlosing entries explanations. Chapter 4 Complesing thecg Cyde 213 EXERCISES Prepaid nent Supplies Sallaries payable R Purt capital Supplies expee net income lor the month ended Sep 3017 214 Part 1 The Basic Souctune off Accing Starter 4-19 Daleyza Racing has these account balances at December 31, 2017: Computing the current ratio and the debt ratio PayabeL.8700 Note Payable Current ratio 2.02 Accounts Receivable.12,500 Long-term.$18,000 4,000 4,200 8,000 Service Revenue62,000 3,000 Cash 6,500 Prepaid Rent. Salaries Payable... Equipment Equipment Compute Daleyza Racing's current ratio and debt ratio. This starter should be used in conjunction with Starter 4-19 24,000 Supplies Starter 4-20 Computing and using the cur- rent ratio and the debt ratio 1. How much in current assets does Daleyza Racing have for every dollar of current liabilities that it owes? What ratio measures this relationship? 1.$2.02 2. What percentage of Daleyza Racing's total assets are financed with debt? What is the name of this ratio? What percentage of Daleyza Racing's total assets does the owner of the company actually own? 3