After the accounts have been adjusted at August 31, the end of the fiscal year, the following
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After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Marcy Delivery Services Co.:
Retained Earnings ........... $1,400,000
Dividends ............... 55,000
Fees Earned ...............880,000
Wages Expense .............524,000
Rent Expense ............. 80,000
Supplies Expense ............. 16,000
Miscellaneous Expense ......... 9,000
Journalize the four entries required to close the accounts.
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Closing Entries Aug 31 Fees Earned 880000 Income Summary 880000 31 Income ...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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