Below is a list of accounts with corresponding ending balances. Account Account Balance a. Insurance Expense .

Question:

Below is a list of accounts with corresponding ending balances.

Account Account Balance

a. Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$1,300

b. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750

c. Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

d. Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300

e. Interest Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

f. Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450

g. Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200

Prepare one summary entry to close those accounts that should be closed at the end of the year.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...