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I completed most of it, but I'm missing a few. Can you recheck and answer the rest qith explanation? T-accounts have been opened using the
I completed most of it, but I'm missing a few. Can you recheck and answer the rest qith explanation?
T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Depreciation Expense--Furniture Dividends Rent Expense Service Revenue Interest Expense Adj. Bal. 12,000 0 Retained Earnings 1800048,000 Adj. Bal. 46000 Bal. Salaries Expense Income Summary Retained Earnings Income Summary Supplies Expense Adj. Bal. 18,000 18000 E Bal. 0Step by Step Solution
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