Landers Manufacturing prepares the following three closing entries at the end of the year: Required Identify the
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Required
Identify the potential error(s) in Landers' closing entries.
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#1 Retained Earnings 45,550 Service Revenue 45,550 #2 Retained Earnings 39,200 Advertising Expense Rent Expense Salaries Expense Supplies Expense 10,400 4,500 18,800 4,500 #3 Retained Earnings 2,000 Dividends Payable 2,000
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