Reference no: EM132955475
Michael's Esports Tutoring reported the following partial list of accounts in its June 30, 2020, financial records:
Michael Lucas, Capital................. $118,400
Interest Expense.............................. $ 8,800
Service Revenue............................ 256,400
Accounts Receivable....................... 56,000
Unearned Revenues...................... 5,400
Salaries Payable............................... 3,400
Salaries Expense............................ 70,000
Amortization Expense.................... 40,800
Accumulated Amortization......... 140,000
Rent Expense................................... 23,600
Supplies Expense.......................... 11,800
Michael Lucas, Withdrawals......... 90,000
Interest Revenue............................ 5,800
Supplies............................................ 5,600
Required
Problem 1: Prepare the company's closing entries. Include explanations. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June 30, 2020?
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