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Question - The adjusted account balances of the Corona Center at December 31, 2021 are as follows:
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
Accounts Payable
69,000
Utilities Expense
Salaries Payable
50,000
Rent Expense
15,000
Owner's Capital
162,000
Owner's Drawings
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.
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