Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal.
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Use the following T-accounts to prepare the four journal entries required to close the books:
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Debit Bal. 17,340 Rent Revenue Bal. 12,000 Cash Advertising Expense Bal. 34,500 Insurance Expense Bal. 128,000 Credit Bal. 240,000 Salaries Expense Bal. 22,000 Dividends Retained Earnings Bal. 59,500
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Closing Rent Revenue to Retained Earnings Debit Retained Earnings for 24000...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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