The partial work sheet for Camelback Consulting at June 30, 20xx, is as follows.

Adjusted Trial Balance Debit Credit

Cash 131,000

Accounts Receivable 1 19,000

Supplies 1,000

Prepaid Rent 18,000

Land 45,000

Building 425,000

Accum Depreciation, Bld 167,000

Accounts Payable 159,000

Salaries Payable 1,000

Unearned Service Revenue 10,000

Long-Term Note Payable 125,000

Owner Capital 102,000

Owner Withdrawals 7,000

Services Revenue 495,000

Salaries Expense 256,000

Supplies Expense 3,000

Rent Expense 34,000

Depreciation Expense, Bld 12,000

Miscellaneous Expense 8,000

Totals 1,059,000 1,059,000

Required:

1. Prepare the closing entries in journal format.

2. Prepare and interpret the Current Ratio.

In good order & form, complete the closing entries in General Journal format Prepare and interpret the Current Ratio for this company