Antonio Black started his business Antonio’s Bait and Tackle on 1…

  

Antonio Black started his business Antonio’s Bait and Tackle on 1…  Antonio Black started his business Antonio’s Bait and Tackle on 1 July 2022. The adjusted trial balance at 30 June 2023 (the end of the financial year) is shown below.Antonio’s Bait and TackleAdjusted trial balanceAs at 30 June 2023AccountDebitCreditCash at bank30,500 Accounts receivable25,500 Fishing supplies6,200 Prepaid insurance3,000 Boat42,000 Accumulated depreciation – boat 18,000Accounts payable 8,000Unearned service revenue 5,040Mortgage payable – due 31 December 2027 3,150A. Black, capital 29,860A. Black, drawings8,720 Sales revenue 80,090Salaries expense15,050 Insurance expense1,200 Interest expense600 Depreciation expense4,400 Fishing supplies expense2,070 Rent expense4,900  144,140144,140 Prepare closing entries to be made on 30 June 2023 (please include narrations/explanations in brackets under each closing entry, as shown in the example below). NOTE: Please use the following format for each closing entry you record (this is only an example for illustrative purposes):Dr. Rent expense $20,000      Cr. Prepaid insurance $20,000(To record rental costs expired)    Business Accounting BUSINESS 200973 Share (0)