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Prepare the company closing entries

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Question - 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 - 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?

Reference no: EM133035877

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