Question
Craig's Car Detailing Service had the following accounts and account balances in the adjusted trial balance columns of its worksheet for the year ended 30 June 2018.
|
Craig Fraser, Capital
|
$44 500
|
Rent Expense
|
$17 980
|
|
Craig Fraser, Drawings
|
25 000
|
Advertising Expense
|
12 100
|
|
Service Fees Revenue
|
124 600
|
Depreciation Expense
|
15 680
|
|
Interest Revenue
|
5 750
|
Utilities Expense
|
6 240
|
|
Salaries Expense
|
68 560
|
|
|
Required:
1. Prepare the required closing entries for Craig's Car Detailing Service for the year ended 30 June 2018.
2. Calculate the updated balance of Capital using the T-account provided below.