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Closing entries An Adjusted Trial Balance for Tiger, Inc., at December 31 appears below. Prepare journal entries to close the accounts. Use four entries to:
Closing entries
An Adjusted Trial Balance for Tiger, Inc., at December 31 appears below.
Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account.
Date | GENERAL JOURNAL | Debit | Credit |
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Tiger, Inc. Adjusted Trial Balance December 31, 20 Cash $33,750 Accounts receivable 175,000 Office equipment 262,500 Accumulated depreciation: office equipment Accounts payable Income taxes payable Capital stock Retained earnings Dividends 42,500 Sales commissions earned Advertising expense 80,000 Rent expense 110,000 Salaries expense 112,500 Utilities expense 76,250 Depreciation expense: office equipment 25,000 Income taxes expense 50,000 967.500 $50,000 100,000 50,000 125,000 100,000 542,500 967.500Step by Step Solution
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