The following selected accounts and normal balances existed at year-end. Make the four journal entries required to
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The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
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Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250
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Journal Entries 1 Debit Income Summary 147500 Credit Fees Earned Rev...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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