From the following posted T accounts, reconstruct the closing journal entries for December 31,201X. M. Ferron, Capital
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M. Ferron, Capital Withdrawals 700 4,000 (Dec. 1) Insurance Expense 275 Closing 275 2,425 Net Income M. Ferron, Withdrawals Wage Expense 700 Closing 700 200 Closing 200 Income Summary Rent Expense 1,400 Closing 1,400 Expenses 2,375 Revenue 4,800 Closing 2,425 Salon Fees Depreciation Expense, Equipment Closing 4,800 4,800 500 Closing 500
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Date 201X Account Titles and Description PR Dr Cr Closing Entries Dec 31 Sa...View the full answer
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