Hancock Company has the following balances in selected accounts of its adjusted trial balance. Accounts Payable...
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Hancock Company has the following balances in selected accounts of its adjusted trial balance. Accounts Payable $27,000 Service Revenue 96,000 Rent Expense 12,000 Salaries and Wages Expense Prepare the entries to close the revenue and expense accounts. Dividends $25,000 Retained Earnings 42,000 Accounts Receivable 41,000 38,000 Supplies Expense 8,000 Hancock Company has the following balances in selected accounts of its adjusted trial balance. Accounts Payable $27,000 Service Revenue 96,000 Rent Expense 12,000 Salaries and Wages Expense Prepare the entries to close the revenue and expense accounts. Dividends $25,000 Retained Earnings 42,000 Accounts Receivable 41,000 38,000 Supplies Expense 8,000
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To close the revenue and expense accounts you need to transfer the balances of the revenue and e... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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