Based on the Following Adjusted Trial Balance, Prepare the Closing $\quad$

question 87

Essay

Based on the following adjusted trial balance, prepare the closing entries for Dave Scott and Associates (a proprietorship)on December 31, 2019. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Dave Scott and Associates}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Adjusted Trial Balance}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {December 31,2019}$

$\begin{array}{lrr} & \text { Deb it } & \text { Credit } \\\text { Cash } & \$ 13,600 & \\\text { Accounts receivable } & 2,000 & \\\text { Office supplies } & 700 & \\\text { Prepaid insurance } & 1,200 & \\\text { Equipment } & 15,600 & \\\text { Accum. amort.-equipment } & & \$ 3,900 \\\text { Accounts payable } & & 6,800 \\\text { Salary payable } & & 1,100 \\\text { Unearned service revenue } & & 800 \\\text { Dave Scott, Capital } & & 22,900 \\\text { Dave Scott, Withdrawals } & 4,900 & \\\text { Service revenue } & & 9,250 \\\text { Advertising expense } & 1,400 & \\\text { Amort. expense-equipment } & 1,300 & \\\text { Supplies expense } & 500 & \\\text { Insurance expense } & 650 & \\\text { Utilities expense } & 2,900 & \$ 44,750\end{array}$

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Definitions:

Irrational Fear

A fear that is disproportionate to the actual danger posed, often a symptom of anxiety disorders.

Mania

A mental state characterized by periods of great excitement, euphoria, delusions, and overactivity.

Obsession

A persistent, involuntary thought, image, or impulse that invades consciousness and causes great distress.

Panic Disorder

A psychiatric disorder characterized by sudden and repeated episodes of intense fear accompanied by physical symptoms that may include chest pain, heart palpitations, shortness of breath, dizziness, or abdominal distress.