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Select accounts from the Adjusted Trial Balance are presented below. Prepare the 3 required closing...

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Accounting

Select accounts from the Adjusted Trial Balance are presented below. Prepare the 3 required closing entries to record net income on December 31.
\table[[Accounts Receivable,230,000],[Inventory,185,000],[Retained Earnings,561,500],[Sales,790,100],[Sales Discounts,6,000],[Sales Returns and Allowances,30,000],[Cost of Goods Sold,453,900],[Delivery Expense,9,800],[Sales Salaries Expense,152,000],[Office Supplies Expense,1,800],[Store Supplies Expense,3,800],[Admin Salaries Expense,92,000],[Depreciation Expense,14,000]]
Date
Description
Debit
Credit
Dec 31
image

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