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Prepare closing entries to be made on june

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Question - Antonio Black started his business Antonio's Bait and Tackle on 1 July 2022. The adjusted trial balance at 30 June 2023 (the end of the financial year) is shown below.

Antonio's Bait and Tackle Adjusted trial balance As at 30 June 2023

Account

Debit

Credit

Cash at bank

30,500

Accounts receivable

25,500

Fishing supplies

6,200

Prepaid insurance

3,000

Boat

42,000

Accumulated depreciation - boat

18,000

Accounts payable

8,000

Unearned service revenue

5,040

Mortgage payable - due 31 December 2027

3,150

A. Black, capital

29,860

A. Black, drawings

8,720

Sales revenue

80,090

Salaries expense

15,050

Insurance expense

1,200

Interest expense

600

Depreciation expense

4,400

Fishing supplies expense

2,070

Rent expense

4,900

144,140

144,140

Required - Prepare closing entries to be made on 30 June 2023 (please include narrations/explanations in brackets under each closing entry, as shown in the example below).

Reference no: EM133166353

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