Required: Prepare closing entries at october 31,2025. The ledger of Sandhill Corporation has the following account balances

 Required:

Prepare closing entries at october 31,2025.

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The ledger of Sandhill Corporation has the following account balances at the company's first year end of October 31, 2025. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares Deferred revenue Depreciation expense Dividends declared i Equipment. Interest expense $2,950 4,700 5,910 7,700 15,550 22,100 2.990 Supplies 1.970 210 Interest payable Prepaid rent Rent expense Salaries expense Salaries payable Service revenue 19,700 490 Supplies expense Utilities expense $190 2,830 720 6,580 1,450 13,010 2,370 700 480 The ledger of Sandhill Corporation has the following account balances at the company's first year end of October 31, 2025. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares Deferred revenue Depreciation expense Dividends declared i Equipment. Interest expense $2,950 4,700 5,910 7,700 15,550 22,100 2.990 Supplies 1.970 210 Interest payable Prepaid rent Rent expense Salaries expense Salaries payable Service revenue 19,700 490 Supplies expense Utilities expense $190 2,830 720 6,580 1,450 13,010 2,370 700 480

Answer rating: 100% (QA)

To close the accounts at the end of the accounting period youll need to transfer the balances from t... View the full answer