Accounting Cycle Assignment
The following is the adjusted trial balance as of December 31, 2017 of Martin Watch Company:
|
Accounts
|
Debit
|
Credit
|
|
Cash
|
$18,000
|
|
|
Accounts Receivable
|
30,000
|
|
|
Prepaid Insurance
|
9,000
|
|
|
Office Supplies
|
3,200
|
|
|
Building
|
165,000
|
|
|
Accumulated Depreciation-Building
|
|
$12,000
|
|
Equipment
|
88,000
|
|
|
Accumulated Depreciation-Equipment
|
|
8,500
|
|
Land
|
45,000
|
|
|
Accounts Payable
|
|
12,000
|
|
Salaries Payable
|
|
2,000
|
|
Unearned Revenue
|
|
25,000
|
|
Mortgage Payable
|
|
100,000
|
|
J. Martin, Capital
|
|
21,290
|
|
J. Martin, Withdrawals
|
25,840
|
|
|
Service Revenue
|
|
325,000
|
|
Salaries Expense
|
63,000
|
|
|
Depreciation Expense-Building and Equipment
|
6,250
|
|
|
Supplies Expense
|
15,000
|
|
|
Insurance Expense
|
14,500
|
|
|
Utilities Expense
|
23,000
|
|
|
Total
|
$505,790
|
$505,790
|
USING T ACCOUNTS
Provide the closing entry for revenues
Provide the closing entry for expenses
Provide the closing entry for the Income Summary account
Provide the closing entry for the J. Martin, Withdrawals account
What is the final balance for the J. Martins, Capital account?
Prepare a Post-Closing trial balance.