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3. Give the closing entries for the following accounts (balances in parentheses): Service Revenue ($5,000), Salaries Expense ($1,200), Income Summary (credit balance of $2,000), Withdrawals ($2,500).

3. Give the closing entries for the following accounts (balances in parentheses): Service Revenue ($5,000), Salaries Expense ($1,200), Income Summary (credit balance of $2,000), Withdrawals ($2,500).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Give the closing entries for the following accounts (balances in parentheses): Service Revenue ($5,000), Salaries Expense ($1,200), Income Summary (credit balance of $2,000), Withdrawals ($2,500). 4. Why are assets classified as current or long-term? On what basis are they classified? 5. Why is the current and ration ratio calculated? Should these ratio result in a high or low value?
Transcribed Image Text:3. Give the closing entries for the following accounts (balances in parentheses): Service Revenue ($5,000), Salaries Expense ($1,200), Income Summary (credit balance of $2,000), Withdrawals ($2,500). 4. Why are assets classified as current or long-term? On what basis are they classified? 5. Why is the current and ration ratio calculated? Should these ratio result in a high or low value?
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