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Sara Copy Shop ended its fisical year on September 30, 2014. The account balances appearing on the trial balance (below) were taken from the
Sara Copy Shop ended its fisical year on September 30, 2014. The account balances appearing on the trial balance (below) were taken from the general ledger of sara Copy Shop at September 30, 2014. Account Titles Cash Supplies Prepaid Insurance Stock investments Goodwill sara COPY SHOP Trail Balance 30-Sep-14 Equipment Accumulated Depreciation Equipment Accounts payable Long-term debt Owner's Capital Owner's Drawings Service Revenue Utilities Expense Debit Credit 3,740 1,100 2,200 7,000 10,000 24000 240 2,400 6,000 35,300 2,400 6,900 400 50,840 50,840 Additional information for the month of September which has not yet been recorded in the accounts is as follows: 1. Supplies used were $600. 2. The amount of insurance that expired was $200. 3. Depreciation on equipment was $240. Instructions: A. Using the above information, complete the worksheet on the following page for sara Copy Shop for the month of September. B. Journalize closing entries (don't write explainations). C. Prepare classified balance sheet at September 30, 2014 (after closing temporary accounts).
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