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Prepare the required closing entries

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Reference no: EM131708698

Question
Craig's Car Detailing Service had the following accounts and account balances in the adjusted trial balance columns of its worksheet for the year ended 30 June 2018.

Craig Fraser, Capital

$44 500

Rent Expense

$17 980

Craig Fraser, Drawings

25 000

Advertising Expense

12 100

Service Fees Revenue

124 600

Depreciation Expense

15 680

Interest Revenue

5 750

Utilities Expense

6 240

Salaries Expense

68 560

 

 

Required:
1. Prepare the required closing entries for Craig's Car Detailing Service for the year ended 30 June 2018.
2. Calculate the updated balance of Capital using the T-account provided below.

Reference no: EM131708698

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