The Following Is the Adjusted Trial Balance as of December

question 63

Essay

The following is the adjusted trial balance as of December 31, 2019 of Martin Security Services, Inc.:
$\begin{array}{|l|c|c|}\hline\text { Accounts } & \text { Debit } & \text { Credit }\\\hline \text { Cash } & \$ 18,000 & \\\hline \text { Accounts Receivable } & 30,000 & \\\hline \text { Prepaid Instrance } & 9,000 & \\\hline \text { Office Supplies } & 3,200 & \\\hline \text { Land } & 45,000 & \\\hline \text { Building } & 165,000 & \\\hline \text { Accumulated Depreciation-Building } & & \$ 12,000 \\\hline \text { Equipment } & 88,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,000 \\\hline \text { Common Stock } & & 21,290 \\\hline \text { Dividends } & 25,840 & \\\hline \text { Service Revenue } & & 325,000 \\\hline \text { Salaries Expense } & 63,000 & \\\hline \text { Depreciation Expense-Building and Equipment } & 6,250 & \\\hline \text { Supplies Expense } & 15,000 & \\\hline \text { Insurance Expense } & 14,500 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Total } & \$ 505,790 & \$ 505,790 \\\hline\end{array}$
Prepare the closing entry for revenues. Omit explanation.

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Definitions:

For Loop

A control flow statement that repeats a block of code a certain number of times, based on a given condition.

Executes

Refers to the process where a computer or program carries out the instructions in a command or script.

Do...while Loop

The do...while loop is a control flow statement that executes a block of code at least once before checking the condition at the end of the block to decide whether to continue executing.