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What is the effect of Eagles Corp's 2017 closing entries on the basic accounting equation? TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical

image text in transcribedWhat is the effect of Eagles Corp's 2017 closing entries on the basic accounting equation?

TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2017 pre-closing account balances of Eagles Corp, a merchandising company. Assume all accounts have normal balances Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Building:s Administrative and General Expenses Buildings Balance 2,000 4,500 7,000 4,625 36,500 10,000 12,500 1,750 2,000 500 Common Stock Depreciation Expense - Buildings Dividends (Common Stock) Interest Expense Prepaid Rent Retained Earnings, Beginning Balance for 2016 Sales Revenue Selling Expenses Unearned Revenue 1,000 16,500 126,500 45,500 2,125

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