Use the March 31 fiscal year-end information from the following ledger accounts (assume that all accounts have
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General Ledger M. Mallon, Capital Acct. No. 301 Salaries Expense Acct. No. 622 Date PR Debit Credit Balance Date | PR | Debit | Credit | Balance Mar. 3 G2 42.000 Mar. 3 G2 21,000 M. Mallon, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date PR DebitCredit Balance Date | PR | Debit | Credit | Balance Mar. 3 G2 25,000 Mar. 3 G2 4,500 Services Revenu Acct. No. 401 Rent Expense Acct. No. 640 Date PRDebit Credit Balance Date | PR | Debit | Credit | Balance Mar. 3 G2 74.000 Mar. 3 G2 9.600 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance Mar. 3G2 17,000
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Closing entries 1 Services Revenue 74000 Income Summary 74000 To close the revenue account 2 Income ...View the full answer
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Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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