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Mon 27 Apr, 2009 03:02 pm
A.P 30,000,A.R 64,500,Accum. Deprec.73,325,Cash17,150,Deprec. Expns13,500,Equip.165,000,Insurance expns1,600,prepaid insurance6,275,rent expns31,400,salary expns46,000,salary payable1,150,service rev.191,000,Supplies1,500,supplies expns2,500,Capital99,950,drawing48,000
@detective2009,
Close revenues to retained earnings. Close expenses to retained earnings. Don't ever close payables or receivables. See what you come up with.
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