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Prepare closing journal entries for Mario's Mobile Products, which has the following end-of-year trial balance: Cash40,000Accounts Receivable8,000Property, Plant, and Equipment150,000Inventory30,000Accounts Payable15,000Wages Payable22,000Common Stock50,000Retained Earnings60,000Sales380,000Cost of

Prepare closing journal entries for Mario's Mobile Products, which has the following end-of-year trial balance:

Cash40,000Accounts Receivable8,000Property, Plant, and Equipment150,000Inventory30,000Accounts Payable15,000Wages Payable22,000Common Stock50,000Retained Earnings60,000Sales380,000Cost of Goods Sold120,000Rent Expense60,000Wages and Salary Expense110,000Advertising Expense9,000

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