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

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Mer'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 Mel'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 Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summary Date Requirements 1. Prepare the closing entries for Mel's Bowling Alley 2. Prepare a post-closing trial balance. 3. Compute the current ratio for Mel's Bowling Alley. Data table Accounts and Explanation Debit Credit Print Done - X Dec. 31 Mel's Bowling Alley Adjusted Trial Balance Clos. (3) December 31, 2024 Balance Account Title Debit Credit Cash $ 20,500 Close Dividends. Accounts Receivable 3,400 Date Accounts and Explanation Debit Credit Office Supplies 750 Dec. 31 Prepaid Insurance 2,400 Clos. (4) 28.000 Land Building 125.000 Accumulated Depreciation-Building Equipment 5.600 41,000 Requirement 2. Prepare a post-closing trial balance. Mer's Bowling Alley Post-Closing Trial Balance Accumulated Depreciation-Equipment 15,000 Accounts Payable 4,300 Utilities Payable 600 December 31, 2024 Salaries Payable 3,300 Balance Account Title Debit Credit Unearned Revenue Common Stock 1,500 103,000 Retained Earnings 108,200 Dividends 24,000 Service Revenue 97,000 Insurance Expense 25,000 Salaries Expense 39,000 Supplies Expense 1,600 Utilities Expense 22,000 Depreciation Expense-Equipment 5,500 350 Depreciation Expense-Building 338,500 $ 338,500 Total Total Requirement 3. Compute the current ratio for Mel's Bowling Alley. Select the labels, enter the amounts, then compute the current ratio. (Round your answer to two decimal places.) B Current ratio Print Done Mer'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 Mel'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 Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summary Date Requirements 1. Prepare the closing entries for Mel's Bowling Alley 2. Prepare a post-closing trial balance. 3. Compute the current ratio for Mel's Bowling Alley. Data table Accounts and Explanation Debit Credit Print Done - X Dec. 31 Mel's Bowling Alley Adjusted Trial Balance Clos. (3) December 31, 2024 Balance Account Title Debit Credit Cash $ 20,500 Close Dividends. Accounts Receivable 3,400 Date Accounts and Explanation Debit Credit Office Supplies 750 Dec. 31 Prepaid Insurance 2,400 Clos. (4) 28.000 Land Building 125.000 Accumulated Depreciation-Building Equipment 5.600 41,000 Requirement 2. Prepare a post-closing trial balance. Mer's Bowling Alley Post-Closing Trial Balance Accumulated Depreciation-Equipment 15,000 Accounts Payable 4,300 Utilities Payable 600 December 31, 2024 Salaries Payable 3,300 Balance Account Title Debit Credit Unearned Revenue Common Stock 1,500 103,000 Retained Earnings 108,200 Dividends 24,000 Service Revenue 97,000 Insurance Expense 25,000 Salaries Expense 39,000 Supplies Expense 1,600 Utilities Expense 22,000 Depreciation Expense-Equipment 5,500 350 Depreciation Expense-Building 338,500 $ 338,500 Total Total Requirement 3. Compute the current ratio for Mel's Bowling Alley. Select the labels, enter the amounts, then compute the current ratio. (Round your answer to two decimal places.) B Current ratio Print Done