Question #1 - Prepare closing entries and a post-closing trial balance 14 marks

(Part A 8 marks 2 marks per entry) (Part B 6 marks 1 mark per account)

At March 31, 2021, account balances after adjustments for Maddux Cinema are as follows:

Account Balances

Accounts (After Adjustment)

Cash...................................................................................... $ 6,000

Concession supplies............................................................... 4,000

Theatre equipment.................................................................. 50,000

Accumulated depreciationtheatre equipment......................... 12,000

Accounts payable................................................................... 5,000

N. Maddux, capital.................................................................. 20,000

N. Maddux, drawings.............................................................. 12,000

Admission ticket revenues....................................................... 60,000

Popcorn revenues.................................................................. 37,000

Candy revenues..................................................................... 19,000

Advertising expense............................................................... 12,000

Concession supplies expense................................................. 19,000

Depreciation expense............................................................. 4,000

Film rental expense................................................................ 16,000

Rent expense......................................................................... 12,000

Salaries expense.................................................................... 13,000

Utilities expense..................................................................... 5,000

Required:

a) Prepare the closing journal entries for Maddux Cinema.

b) Prepare a post-closing trial balance.