Practice Problem 1-Closing Entries Davis Creations had the following Adjusted Trial Balance at the end of...

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Practice Problem 1-Closing Entries Davis Creations had the following Adjusted Trial Balance at the end of the year. Davis Creations Adjusted Trial Balance December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Depreciation Expense Instructions: Prepare closing entries at December 31, 2020. Debit $ 14,500 34,000 1,000 5,000 34,000 80,000 23,000 800 9,000 8,700 $ 210,000 Credit 32,000 27,600 25,000 76,000 39,400 10,000 $ 210,000 Date Account Title Debit Credit Practice Problem 1-Closing Entries Davis Creations had the following Adjusted Trial Balance at the end of the year. Davis Creations Adjusted Trial Balance December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Depreciation Expense Instructions: Prepare closing entries at December 31, 2020. Debit $ 14,500 34,000 1,000 5,000 34,000 80,000 23,000 800 9,000 8,700 $ 210,000 Credit 32,000 27,600 25,000 76,000 39,400 10,000 $ 210,000 Date Account Title Debit Credit

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