Matty's Bowling Alley's adjusted trial balance as of December 31, 2024, is presented below: (Click the...

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Matty's Bowling Alley's adjusted trial balance as of December 31, 2024, is presented below: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the closing entries for Matty's Bowling Alley. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Dec. 31 Clos. (1) Accounts and Explanation Debit Credit Data Table Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Utilities Expense Matty's Bowling Alley Adjusted Trial Balance December 31, 2024 Depreciation Expense-Equipment Depreciation Expense-Building Total Print Done Balance Debit $ 18,900 2,600 600 2,500 25,000 115,000 49,000 28,000 23,000 40,000 1,900 17,000 6,500 400 $ Credit X 7,500 23,000 4,200 575 3,000 1,100 107,000 74,025 110,000 $ 330,400 $ 330,400 Matty's Bowling Alley's adjusted trial balance as of December 31, 2024, is presented below: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the closing entries for Matty's Bowling Alley. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Dec. 31 Clos. (1) Accounts and Explanation Debit Credit Data Table Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Utilities Expense Matty's Bowling Alley Adjusted Trial Balance December 31, 2024 Depreciation Expense-Equipment Depreciation Expense-Building Total Print Done Balance Debit $ 18,900 2,600 600 2,500 25,000 115,000 49,000 28,000 23,000 40,000 1,900 17,000 6,500 400 $ Credit X 7,500 23,000 4,200 575 3,000 1,100 107,000 74,025 110,000 $ 330,400 $ 330,400

Answer rating: 100% (QA)

Date Particulars Debit Credit Dec 31 Service reven... View the full answer