Chong, Inc. provides advice to art enthusiast interested in purchasing art at Sotheby's annual art auctions. On
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Chong, Inc. provides advice to art enthusiast interested in purchasing art at Sotheby's annual art auctions. On December 31, 2012, Chong's account balances are shown below in the Adjusted Trial Balance. No dividends were declared in 2012.\ \\\\table[[\\\\table[[Chong, Inc.],[Adjusted Trial Balance],[December 31, 2012]]],[Cash,242,000,],[Accounts receivable,272,500,],[Supplies,1,270,],[Accounts payable,,1,320],[Common stock,,110,000],[Retained earnings,,185,000],[Service revenue,,367,700],[Advertising expense,2,400,],[Insurance expense,850,],[Rent expense,5,000,],[Salary expense,140,000,],[664,020,664,020]]\ a) Prepare closing entries.
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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