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Heil Insurance Agency started the year with a beginning Hill, Caphal balance of $29,000. During the year, Hill Insurance Agency eamed $37,000 of Service Revenue
Heil Insurance Agency started the year with a beginning Hill, Caphal balance of $29,000. During the year, Hill Insurance Agency eamed $37,000 of Service Revenue and incurred $25,000 of various expenses. Hill withdrew $13,000 from the business After the closing entries are recorded and posted, what will be the balance of Hill, Capitar? Post the beginning balance and closing entry amounts to the Capital account Use a "Bat." posting reference to show the beginning and ending balance of the Capital account. Use a "Clos," posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined inte one cloring entry for net income (Bke you are closing the Income Summary account)
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