Below are some account balances from the trial balance before the closing process for Giwi Ltd. Account

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Below are some account balances from the trial balance before the closing process for Giwi Ltd.

Account

Sales Revenue

Retained Profits

Bank Loan

Accounts Receivable

COGS

Operating Expense

Balances ($)

130,000

20,000

50,000

25,000

90,000

17.000

Required: Based on the information provided above, Giwi Ltd is closing its accounts for this accounting period. Prepare the closing entries. (dates and narrations are not required) [4

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

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Posted Date: Oct 04, 2022 07:42 AM

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Below are some account balances from the trial balance before the closing process for Giwi Ltd. Account

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Closing of revenue Closing of Expenses Transfer of Profit Closing of En... View the full answer

Intermediate Accounting

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