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E4–6 Michael’s Esports Tutoring reported the following partial list of accounts in its June 30, 2020,...

E4–6 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

  1. Prepare the company’s closing entries. Include explanations.

  2. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June 30, 2020?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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