Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company,...

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Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the

Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends 45,700 5,600 10,200 67,000 9,000 Prepare j

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Answer 1

Answer #1

1	Date	Accounts and Explanation	Debit	Credit

	Dec 31	Service Fees Earned	80,300
		Income Summary		80,300
		(To close of revenue account)

	Dec 31	Income Summary	82,300
		Rent Expense		20,800
		Salaries Expense		45,700
		Supplies Expense		5,600
		Depreciation Expense - Building		10,200
		(To close of expenses account)

	Dec 31	Retained Earnings	9,000
		Dividends		9,000
		(To close of dividends account)

2	Retained Earnings balance at December 31		56,000
		(67,000 + 80,300 - 82,300 - 9,000)

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Answer 2

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