The following account balances were taken from Long Life Consulting's year-end adjusted trial balance (assume these...
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The following account balances were taken from Long Life Consulting's year-end adjusted trial balance (assume these are the company's only temporary accounts). Consulting fees earned $420,000 5,000 Interest revenue Insurance expense 20,000 Rent expense 70,000 Depreciation expense: office equipment Salaries expense Dividends Prepare the company's necessary closing entries. 38,000 240,000 8,000 The following account balances were taken from Long Life Consulting's year-end adjusted trial balance (assume these are the company's only temporary accounts). Consulting fees earned $420,000 5,000 Interest revenue Insurance expense 20,000 Rent expense 70,000 Depreciation expense: office equipment Salaries expense Dividends Prepare the company's necessary closing entries. 38,000 240,000 8,000
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To close the revenue expense and dividends accounts at the end of the accounting period Long Life Co... View the full answer
Related Book For
Fundamentals of Investing
ISBN: 978-0133075359
12th edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
Posted Date:
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