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Martinez Company had the following adjusted trial balance: Additional Resources Account Titles Debit Cash $26,610 Accounts Receivable 18,410 Supplies 9,390 Equipment 41,200 Credit Accumulated Depreciation

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Martinez Company had the following adjusted trial balance: Additional Resources Account Titles Debit Cash $26,610 Accounts Receivable 18,410 Supplies 9,390 Equipment 41,200 Credit Accumulated Depreciation $9,600 Accounts Payable 4,760 Deferred Rent Revenue 1,600 Capital 48,250 Drawing 16,500 Commission Revenue 61,700 Rent Revenue 7,100 Depreciation Expense 7,500 Utilities Expense Supplies Expense 8,200 Total $133,010 5,200 $133,010 The president of Martinez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: The president of Martinez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the rent revenue account? During the closing process, what amount was transferred from the income summary account to the Capital account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the Capital account? The president of Martinez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the rent revenue account? During the closing process, what amount was transferred from the income summary account to the Capital account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the Capital account

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