The Following Is the Adjusted Trial Balance as of December

question 187

Essay

The following is the adjusted trial balance as of December 31,2019 of Martin Security Services Company:
$\begin{array}{|l|r|r|}\hline \text { Accounts } & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 18,000 \\\hline \text { Accounts Receivable } & 30,000 \\\hline \text { Prepaid Insurance } & 9,000 \\\hline \text { Office Supplies } & 3,200 \\\hline \text { Land } & 45,000 \\\hline \text { Building } & 165,000 \\\hline \text { Accumulated Depreciation-Building } & & \$ 12,000 \\\hline \text { Equipment } & 88,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,00 \\\hline \text { Martin, Capital } & & 21,290\\ \hline \text { Martin, Withdrawals } & 25,840 & \\\hline \text { Service Revenue } & & 325,00 \\\hline \text { Salaries Expense } & 63,000 & \\\hline \text { Depreciation Expense—Building and } & & \\\text { Equipment } & 6,250 & \\\hline \text { Supplies Expense } & 15,000 & \\\hline \text { Insurance Expense } & 14,500 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Total } & \$ 505,790 & \$ 505,790 \\\hline\end{array}$
Prepare the closing entry for revenues.Omit explanation.

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Definitions:

Emancipated by Implied Consent

A legal status where a minor is considered independent from their parents or guardians based on actions that suggest consent, rather than a formal court order.

Reasonable Value

The fair or market value of goods or services, used when a contract does not specify a price or when damages are assessed.

Necessary

Something essential or required in a particular situation, condition, or for a specific purpose.

Severely Intoxicated

A state of being under the influence of alcohol or drugs to a degree that significantly impairs one's mental and physical functions.