Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal.
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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 Bal. 35,580 Sales Revenue Bal. 24,000 Cash Advertising Expense Bal. 18,000 Credit Insurance Expense Bal. 90,000 Bal. 146,000 Salaries Expense Bal. 5,000 Dividends Retained Earnings Bal. 26,580
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To close Sales Revenue to Retained Earnings Debit Retained Earnings 26580 Credit Sales ...View the full answer
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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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