Based on the data presented in Exercise 5-27, journalize the closing entries. Exercise 5-27 On March 31,
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Based on the data presented in Exercise 5-27, journalize the closing entries.
Exercise 5-27
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:
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Accounts Receivable $ 170,000 Inventory $ 980,000 Accumulated Depreciation-Building Administrative Expenses Building Notes Payable 435,000 Office Supplies Retained Earnings 80,000 Salaries Payable 750,000 250,000 20,000 3,500,000 1,987,000 Cash 8,000 Common Stock 300,000 Sales 8,245,000 5,500,000 Selling Expenses Store Supplies Cost of Goods Sold 575,000 Dividends 175,000 90,000 Interest Expense 15,000
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Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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