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please help will upvote please also provide the final balance once the closing entries are done We are given the following accounting record for a
please help
will upvote
please also provide the final balance once the closing entries are done
We are given the following accounting record for a company (ending 2017 Dec 31). Prepare the journal entries needed to close the company's temporary accounts for the year ended 2017 Dec 31. Retained Earnings, 1/1/17 Cash Accounts Payable Sales Revenue Cost of Goods Sold Land Notes Payable Supplies Inventory Dividends Prepaid Advertising Common Stock Accounts Receivable Interest Income Salary Expense Income Tax Expense Utilities Expense Rent Expense Salaries Payable Supplies Expense $200,000 77,000 75,000 950,000 700,000 750,000 450,000 5,000 200,000 10,000 50,000 400,000 160,000 50,000 140,000 20,000 18,000 40,000 40,000 1,000 Step by Step Solution
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