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Lloyd Bookstore shows the following dividends, revenue, and expense account balances before closing: hart of Accounts ASSETS111Cash121AccountsRecelvable141Inventory152PrepaidInsurance181Equipment189AccumulatedDepreciation211AccountsPayable231SalariesPayableREVENUE411SalesRevenue451GainonSaleofLand500CostofGoodsSold512UtilitiesExpense523SalariesExpense559MiscellaneousExpenses910IncomeTaxExpense Prepare closing entries on December 31

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Lloyd Bookstore shows the following dividends, revenue, and expense account balances before closing: hart of Accounts ASSETS111Cash121AccountsRecelvable141Inventory152PrepaidInsurance181Equipment189AccumulatedDepreciation211AccountsPayable231SalariesPayableREVENUE411SalesRevenue451GainonSaleofLand500CostofGoodsSold512UtilitiesExpense523SalariesExpense559MiscellaneousExpenses910IncomeTaxExpense Prepare closing entries on December 31

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