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pls help me prepare a closing journal entries Prepare the closing journal entries, assuming Lily closes its books monthly. (List all debit entries before credit
pls help me prepare a closing journal entries
Prepare the closing journal entries, assuming Lily closes its books monthly. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) 3. Aug. (To close net income/loss) 4. Aug. 31 (To transfer dividends declared) Statement of Income: Lily records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's worth of advertising services have been received. 2. The August rent has expired. 3. Accrued salaries payable are $1,470. 4. Depreciation for the month is $185. 5. Supplies on hand at August 31 are $1,020. 6. Services were performed to satisfy $720 of Deferred revenue. 7. One month of interest income related to the $4,000 note receivable has accrued. The note was issued on fune 30 and is due October 31 and has a 6% annual interest rate. Interest is duc at maturity. 8. Income tax of $300 is estimated to be owed for the month of August Step by Step Solution
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