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.