The following is the adjusted trial balance as of December 31, 2020 of ABC Company. Prepare...

 

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The following is the adjusted trial balance as of December 31, 2020 of ABC Company. Prepare CLOSING entries. (25 pts.) Accounts Debit Credit Cash $18,000 Accounts Receivable 30,000 Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment 9,000 3,200 165,000 $12,000 88,000 8,500 Land 45,000 Accounts Payable Salaries Payable 12,000 2,000 Unearned service revenue 25,000 Mortgage Payable Martin, Capital 100,000 21,290 Martin, Withdrawals 25,840 Service Revenue 325,000 Salaries Expense Depreciation Expense-Building and Equipment 6,250 Supplies Expense Insurance Expense Utilities Expense 63,000 15,000 14,500 23,000 Total S505.790 S505,790 The following is the adjusted trial balance as of December 31, 2020 of ABC Company. Prepare CLOSING entries. (25 pts.) Accounts Debit Credit Cash $18,000 Accounts Receivable 30,000 Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment 9,000 3,200 165,000 $12,000 88,000 8,500 Land 45,000 Accounts Payable Salaries Payable 12,000 2,000 Unearned service revenue 25,000 Mortgage Payable Martin, Capital 100,000 21,290 Martin, Withdrawals 25,840 Service Revenue 325,000 Salaries Expense Depreciation Expense-Building and Equipment 6,250 Supplies Expense Insurance Expense Utilities Expense 63,000 15,000 14,500 23,000 Total S505.790 S505,790

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