Question: Preparing closing entries from an adjusted trial balance; preparing a post-closing trial balance; and calculating the current ratio Mels Bowling Alleys adjusted trial balance as
Preparing closing entries from an adjusted trial balance; preparing a post-closing trial balance; and calculating the current ratio
Mels Bowling Alleys adjusted trial balance as of December 31, 2014 is presented below.
Cash 15,400
Account Rec 2,310
Office Sup 450
Prepaid Ins 2,300
Equipment 40,000
Accum Dep Equip 12,000
Building 75,000
Accum Dep Build 4,500
Land 15,000
Acct Pat 3,400
Utilities Pay 620
Salaries Pay 2,840
Unearnd Rev 1,300
Common Stock 100,000
Retained Earnings 30,325
Dividends 28,0000
Service Rev 94,000
Insurance Exp 20,000
Salaries Exp 36,000
Supplies Exp 800
Utilitis Exp 12,000
Dep Exp Equip 1,500
Dep Exp Build 225
Total 248,985 248,985
Requirements
Prepare the closing entries for Mels Bowling Alley.
Prepare a post-closing trial balance.
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