Presented Below Are the Year-End Balances at October 31 of Max

question 66

Essay

Presented below are the year-end balances at October 31 of Max Missle Paintball Co. All accounts have normal balances.
$$\begin{array} { | l | r | } \hline \text { Accourts receivable } & \$ 5,000 \\\hline \text { Accourts payable } & 13,000 \\\hline \text { Accurnulated depreciation, equiprnent } & 15,000 \\\hline \text { Advertising expense } & 1,000 \\\hline \text { Cash } & 30,000 \\\hline \text { Depreciation experse, equiprnent } & 3,000 \\\hline \text { Insurance expense } & 1,000 \\\hline \text { frterest reverue } & 1,000 \\\hline \text { Laundry equipment } & 130,000 \\\hline \text { Notes payable } & 30,000 \\\hline \text { Max Missle, capital } & 47,500 \\\hline \text { Max Missle, withdrawals } & 5,000 \\\hline \text { Prepaid insurance } & 6,000 \\\hline \text { Salaries payable } & 2,000 \\\hline \text { Salary expense } & 4,000 \\\hline \text { Service revenue } & { 8 0 , 0 0 0 } \\\hline \text { Supplies } & 1,000 \\\hline \text { Supplies expense } & 100 \\\hline \text { Repair experse } & 500 \\\hline \text { Uneamed laurdry servicereveruse } & 100 \\\hline \text { Utilities experse } & 1,000 \\\hline\end{array}$$ Prepare the necessary closing entries at October 31.

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