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follow the steps Pharoah Company has the following year-end account balances on November 30, 2024: Service Revenue $39,000; Insurance Expense $2,900; Rent Expense $7,800; Supplies
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Pharoah Company has the following year-end account balances on November 30, 2024: Service Revenue $39,000; Insurance Expense $2,900; Rent Expense $7,800; Supplies Expense $1,450; L. Davis, Capital \$44,000; and L. Davis, Drawings $30,000. Prepare the closing entries. (Credit account titles are automotically lidented when amount is entered. Do not indent manually if no entry Is required, select "No Entry" for the account tities and enter O for the amounts. List all debit entries before credit entries.) Nov, 30 (To close revenue account) Nov, 30 (To close expense accounts) Nov, 30 elextbook and Media Calculate the balance in L. Davis, Capital after the closing entries are posted. Ciosing balance Step by Step Solution
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