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The income statement for Arbor Green Golf Club for the year ended July 31 shows Service Revenue of $16,400; Salary Expense $8,400; Rent Expense $2,500;

The income statement for Arbor Green Golf Club for the year ended July 31 shows Service Revenue of $16,400; Salary Expense $8,400; Rent Expense $2,500; profit $5,500; T. Arid, Capital $47,000; and T. Arid, Drawings $0. Prepare the closing entries.

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