Rizzo Company has the following year-end account balances on November 30, 2021: Service Revenue $38,500; Insurance Expense

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Rizzo Company has the following year-end account balances on November 30, 2021: 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) Prepare the closing entries.

(b) Calculate the balance in L. Wilfrid, Capital after the closing entries are posted.

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Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Feb 21, 2020 10:28 AM

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Rizzo Company has the following year-end account balances on November 30, 2021: Service Revenue $38,500; Insurance Expense

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a Nov 30 Service Revenue 38500 Income Summary 38500 To close revenue account 30 Income Summary 12250 ...View the full answer

Accounting Principles Volume 1

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