Reference no: EM131792127

Question - Closing Entries

At March 31, account balances after adjustments for Norton Cinema are as follows:

Account Balances, Accounts (After Adjustment)

Cash $6,000

Concession Supplies 4,000

Theatre Equipment 50,000

Accumulated Depreciation-Theatre Equipment 12,000

Accounts Payable 5,000

Norton, Capital 20,000

Norton, Drawing 12,000

Admission Ticket Revenues 60,000

Popcorn Revenues 32,000

Candy Revenues 19,000

Advertising Expense 12,000

Concession Supplies Expense 19,000

Depreciation Expense 4,000

Film Rental Expense 16,000

Rent Expense 12,000

Salaries Expense 18,000

Utilities Expense 5,000

Instructions - Prepare the closing journal entries for Norton Cinema.