Problem - At March 31, account balances after adjustments for Vizzini Cinema are as follows:
Accounts Account Balances (After Adjustment)
Cash $ 11,000
Supplies 4,000
Equipment 50,000
Accumulated Depreciation-Equipment 12,000
Accounts Payable 5,000
Owner's, Capital 20,000
Owner's, Drawings 12,000
Ticket Revenue 65,000
Service Revenue 53,000
Advertising Expense 18,000
Supplies Expense 19,000
Depreciation Expense 4,000
Rent Expense 28,000
Salaries and Wages Expense 24,000
Utilities Expense 5,000
Instructions - Prepare the closing journal entries for Vizzini Cinema.