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The adjusted trial balance from August 31,2023 , of Park's Music Lessons follows: (Click the icon to view the adjusted trial balance.) Required 1. Journalize
The adjusted trial balance from August 31,2023 , of Park's Music Lessons follows: (Click the icon to view the adjusted trial balance.) Required 1. Journalize the closing entries of Park's Music Lessons at August 31,2023 . Include explanations. 2. How much net income or net loss did Park's Music Lessons earn for the period ended August 31,2023 ? How can you tell? Requirement 1f Journalize the closing entries of Park's Music Lessons at August 31, 2023. Include explanations. First, we will close the revenue account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} Park's Music Lessons \\ Adjusted Trial Balance \\ August 31,2023 \end{tabular} & & \\ \hline Account Title & Debit & Credit \\ \hline Cash & $45,000 & \\ \hline Supplies & 7,700 & \\ \hline Prepaid rent & 4,600 & \\ \hline Instruments & 184,000 & \\ \hline Accumulated amortization-instruments & & 34,000 \\ \hline Accounts payable & & 35,000 \\ \hline Salaries payable & & 5,000 \\ \hline Unearned service revenue & & 23,000 \\ \hline P. Silver, capital & & 211,700 \\ \hline P. Silver, withdrawals & 25,000 & \\ \hline Service revenue & & 63,000 \\ \hline Salaries expense & 63,000 & \\ \hline Rent expense & 33,000 & \\ \hline Amortization expense-instruments & 2,600 & \\ \hline \end{tabular} The adjusted trial balance from August 31,2023 , of Park's Music Lessons follows: (Click the icon to view the adjusted trial balance.) Required 1. Journalize the closing entries of Park's Music Lessons at August 31,2023 . Include explanations. 2. How much net income or net loss did Park's Music Lessons earn for the period ended August 31,2023 ? How can you tell? Requirement 1f Journalize the closing entries of Park's Music Lessons at August 31, 2023. Include explanations. First, we will close the revenue account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} Park's Music Lessons \\ Adjusted Trial Balance \\ August 31,2023 \end{tabular} & & \\ \hline Account Title & Debit & Credit \\ \hline Cash & $45,000 & \\ \hline Supplies & 7,700 & \\ \hline Prepaid rent & 4,600 & \\ \hline Instruments & 184,000 & \\ \hline Accumulated amortization-instruments & & 34,000 \\ \hline Accounts payable & & 35,000 \\ \hline Salaries payable & & 5,000 \\ \hline Unearned service revenue & & 23,000 \\ \hline P. Silver, capital & & 211,700 \\ \hline P. Silver, withdrawals & 25,000 & \\ \hline Service revenue & & 63,000 \\ \hline Salaries expense & 63,000 & \\ \hline Rent expense & 33,000 & \\ \hline Amortization expense-instruments & 2,600 & \\ \hline \end{tabular}
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