Solution-Prepare the closing entries for the corona center

Prepare the closing entries for the corona center

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Reference no: EM133188898

Question - The adjusted account balances of the Corona Center at December 31, 2021 are as follows:

Accounts	Account Balances	Accounts	Account Balances
Cash	$14,000	Service Revenue	$130,000
Accounts Receivable	13,000
Supplies	4,000	Depreciation Expense	25,000
Prepaid Insurance	8,000	Insurance Expense	6,000
Buildings	350,000	Salaries and Wages Expense	40,000
Accumulated Depreciation- Buildings	100,000	Supplies Expense	8,000
Accounts Payable	69,000	Utilities Expense	13,000
Salaries Payable	50,000	Rent Expense	15,000
Owner's Capital	162,000
Owner's Drawings	15,000

Required -

1. Prepare the 4 closing entries for the Corona Center.

2. Prepare a T account of Income Summary and calculate the closing balance

3. Prepare a T account of the Owner's Capital account and calculate the final balance.

Reference no: EM133188898

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Prepare the closing entries for the corona center

Reference no: EM133188898

Reference no: EM133188898

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