Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts

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Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services:

Journalize the four entries required to close the accounts.

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Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Jul 22, 2016 10:00 AM

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Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts

Question:

Retained Earnings Dividends Fees Earned Wages Expense 2,650,000 Rent Expense 0,000 Supplies Expense 1,050,000 Miscellaneous Expense $185,000 26,200 28,600 886,000

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Closing Entries Aug 31 Fees Earned 1050000 Income Summ...View the full answer

Financial And Managerial Accounting

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