Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare

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Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare closing entries at December 31, 2020, and post them to the T-accounts.

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 11, 2019 01:11 PM

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Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare

Question:

Marcy Jones, Capital Liabilities Assets 71,800 Dec. 31 Dec. 31 142,000 Dec. 31 51,000 Marcy Jones, Withdrawals Salaries Expense Rent Expense 9,100 Dec. 31 38,000 Dec. 31 27,000 Dec. 31 Services Revenue Insurance Expense 1,500 Income Summary 103,000 Dec. 31 Dec. 31 Depreciation Expense 8,200 Dec. 31

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Closing entries 2020 1 Dec 31 Services Revenue 103000 Income Summary 103000 To close the reven...View the full answer

Fundamental Accounting Principles Volume I

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