Use the following T-accounts to prepare the four journal entries required to close the books: Debit Accounts
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Use the following T-accounts to prepare the four journal entries required to close the books:
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Debit Accounts Receivable Bal. 45,500 Fees Earned Revenue Bal. 7,200 Commission Expense Credit Bal. 5,500 Supplies Expense Bal. 60,000 Bal. 42,000 Wages Expense Dividends Bal. 3,500 Retained Earnings Bal. 51,000
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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