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Question 3 of 7 View Policies Current Attempt in Progress The ledger of Blossom Company contains the following balances: Owner's Capital $29,200, Owner's Drawings
Question 3 of 7 View Policies Current Attempt in Progress The ledger of Blossom Company contains the following balances: Owner's Capital $29,200, Owner's Drawings $1,700, Service Revenue $50,000, Salaries and Wages Expense $28,800, and Supplies Expense $7.100. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit Dec. 31 Dec. 31 (To close revenue account) (To close expense accounts) Dec. 31 (To close net income/ (loss)) (To dose drawings)
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Here is the closing entries solution presented in tabular form Date Account Titles and Explanation Debit Credit Dec 31 Service Revenue 50000 Income Su...Get Instant Access to Expert-Tailored Solutions
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