Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:
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Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:
Transcribed Image Text:
Adjusted Trial Balance Debit $ 8,625 11,600 Cash Accounts Receivable Accounts Payable Unearned Revenue Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Rent Expense Utilities Expense Wages Expense 2,000 2,500 18,000 12,000 75,000 $129,725 Credit $ 8,450 1,500 10,000 12,275 97,500 $129,725
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Here are the four journal entries to close the books Close Service Revenue to Retained Earni...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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