PALO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense Solution $45,000 4,500 50,000 39,000 55,000 12,000 2,000 5,000 34,500 12,750 1,250

PAX. O 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Solution