The following balances were taken from the Ramirez Company ledger at the end of the period: Retained

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The following balances were taken from the Ramirez Company ledger at the end of the period:

Retained Earnings 125,000

Dividends 15,000

Service Revenue 400,000

Salary Expense 220,000

Utilities Expense 35,000

Rent Expense 75,000

Miscellaneous Expense 22,000

Prepare the two entries required to close the accounts.

Related Book For answer-question

Financial Accounting in an Economic Context

ISBN: 978-1118582558

9th edition

Authors: Jamie Pratt

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Posted Date: Jan 28, 2021 11:46 PM

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The following balances were taken from the Ramirez Company ledger at the end of the period: Retained

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The two entries required to close the accounts are as prepared below Journal Entr... View the full answer

Financial Accounting in an Economic Context

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