The items below are from the Income Statement columns of the work sheet for Best Repair Shop,
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Prepare journal entries to close the revenue, expense, Income Summary, and Dividends accounts. Dividends of $5,000 were paid during theyear.
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Income Statement Debit Account Name Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Repair Equipment Income Taxes Expense Credit 25,620 8,110 1,200 4,260 915 1,345 1,000 16,830 8,790 25,620 25,620 Net Income 25,620
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2011 Dec 31 Repair Revenue 25620 Income Summary 25620 To ...View the full answer
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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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