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Presented below are the year-end balances at December 31 of Laura's Laundry Service. (All accounts have normal balances.) (a) Prepare the necessary closing entries at
Presented below are the year-end balances at December 31 of Laura's Laundry Service. (All accounts have normal balances.)
Accounts receivable. Accounts payable......... Accumulated depreciation-Catering equipment. Advertising expense Cash............ Depreciation expense-Catering equipment. Insurance expense Catering equipment.. Catering service revenue. Notes payable ......... Laura Bow, Capital Laura Bow, Withdrawals .... Prepaid insurance.... Salaries payable. Salary expense... Supplies......... Supplies expense Repair expense...... Unearned catering service revenues.. Utilities expense. $ 12,000 25,000 30,000 4,000 42,000 12,000 3,000 125,000 200,000 65,000 17,000 18,000 1,500 4,000 97,000 1,500 9,000 7,000 500 9,500 (a) Prepare the necessary closing entries at December 31.
(b) Prepare a post-closing trial balance at December 31.
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