Question: Make the closing entry (or entries) necessary to close the following accounts: Cost of good sold. $7,000 Accounts payable. 900 Paid -in Capital. 1,500 Cash.

Make the closing entry (or entries) necessary to close the following accounts:
Cost of good sold. $7,000
Accounts payable. 900
Paid -in Capital. 1,500
Cash. 3,200
Sales. 11,000
Dividends. 900
Retained earnings (beginning). 1,200
Inventory. 3,500

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