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need assistance filling out the chart in photo #2 and #3 given the info from photo #1. Thanks in advance The following information is available
need assistance filling out the chart in photo #2 and #3 given the info from photo #1. Thanks in advance
The following information is available for Liu Company: Debit Credit $50,000 $23,000 500,000 Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowance Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue 20,000 7,500 302,000 2,300 15,000 19,200 53,000 18,000 9,000 18,000 Using the above information, prepare the closing entries for L indent manually.) Date Account Titles and Explanation Dec. 31 Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 a desene income capital (To close expense accounts.) Dec. 31 (To close net income to capital.) Dec. 31 (To close drawings to capital.) Click if you would like to Show Work for this question: Open Show Work Step by Step Solution
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