The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment. $85.000; Accumulated Depreciation, $25,000;
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Question:
- The company's adjusted trial balance includes the following accounts balances:
- Cash, $15,000;
- Equipment. $85.000;
- Accumulated Depreciation, $25,000;
- Accounts Payable, $10,000;
- Retained earnings, $63,500,
- Dividends, $2,000,
- Sales,$56,000;
- Sales Returns and Allowances, $3,000,
- Sales Discounts, $1,500,
- Depreciation Expense, $25,000; and
- Salaries Expense, $23,000.
- All accounts have normal balances.
- Prepare the closing entries.
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