It is December 31, 2020, and time to close the books. Journalize the following closing entries, with

Question:

It is December 31, 2020, and time to close the books. Journalize the following closing entries, with explanations, for Renee's Rice Treats:

a. Service revenue, $\$ 15,000$

b. A compound closing entry for all the expenses: Salaries, $\$ 3,500$; Rent, $\$ 2,000$; Advertising, $\$ 2,500$

c. Income Summary

d. Renee Van Etten, Withdrawals, $\$ 3,200$

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