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The following alphabetical balances are taken from Jenny Company's adjusted trial balance: Required: 1) Prepare the closing entries for those accounts that are to be
The following alphabetical balances are taken from Jenny Company's adjusted trial balance: Required: 1) Prepare the closing entries for those accounts that are to be brought to a zero balance for the start of the next accounting period. (12 points) 2) Post the closing entries to the Retained Earnings account and calculate the new balance in Retained Earnings. (5 points)
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