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Preparation of Closing Entries and an Income Statement Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year end ( December

Preparation of Closing Entries and an Income Statement
Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year end (December 31), after adjusting entries have been made, the following list of account balances is prepared:
\table[[Accounts Payable,$23,250,Prepaid Rent,4,750
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