Reference no: EM132955074

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?