Rizzo Company has the following year-end account balances on November 30, 2014: Service Revenue $38,500; Insurance Expense

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Rizzo Company has the following year-end account balances on November 30, 2014: Service Revenue $38,500; Insurance Expense $2,750; Rent Expense $8,000; Supplies Expense $1,500; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $29,000.

(a) Calculate profit or loss for the year.

(b) Prepare the closing entries.

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 11:07 AM

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Rizzo Company has the following year-end account balances on November 30, 2014: Service Revenue $38,500; Insurance Expense

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a Service Revenue 38500 Expenses Insurance Expense 2750 Rent Expense 8000 Supplie...View the full answer

Accounting Principles Part 1

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