The adjusted trial balance for Mosquera Golf Club at its October 31, 2014, year end included the following:

(a) Prepare closing entries.
(b) Using T accounts, post the closing entries and calculate the balance in each account.

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Debit $ 7,500 3,000 65,000 Credit Cash Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue N. Mosquera, capital N. Mosquera, drawings Service revenue Maintenance expense Rent expense Salaries expense $15,000 14,000 1,500 65,000 45,000 130,000 23,000 10,000 72,000