The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $220,000; Service

Question:

The year-end adjusted trial balance of Aggies included the following account balances: Retained Earnings, $220,000; Service Revenue, $850,000; Salaries Expense, $380,000; Rent Expense, $140,000; Interest Expense, $75,000; and Dividends, $50,000. Record the necessary closing entries?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...