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Mighty Delivery Service completed the following transactions during December 2024: (Click the icon to view the transactions.) Read the requirements Post the closing entries
Mighty Delivery Service completed the following transactions during December 2024: (Click the icon to view the transactions.) Read the requirements Post the closing entries to the T-accounts. Use "Clos." and the corresponding number as shown in the journal entry as posting references-Clos (1)", "Clos(2), etc The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance (Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary calculate and enter the balance ("Bal") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) fine of the account. Review the closing journal entries you prepared above. Cash Bal 27740 Accounts Payable Salaries Payable 700 Bal Service Revenue 20.950 Accounts Receivable Uneamed Revenue Salaries Expense Bal 2.200 100 Bal Bal 1,400
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