he following selected accounts and normal balances existed at year-end. Prepare the four journal entries required to close the books on December 31, 2020.
he following selected accounts and normal balances existed at year-end. Prepare the four journal entries required to close the books on December 31, 2020.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter16: Advanced Topics Concerning Complex Auditing Judgments
Section: Chapter Questions
Problem 41RSCQ
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Question
The following selected accounts and normal balances existed at year-end. Prepare the four
![$46,200
5,800
12,000
29,900
32,500
55,400
8,000
89,200
62,000
29,500
4,140
Accounts receivable
Prepaid insurance
Land
Accounts payable
Notes payable
Retained earnings
Dividends
Fees earned revenue
Selling expenses
Administrative expenses
Miscellaneous expense](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5479365-6029-4196-9723-4ad6ce9f59f3%2F2cf0142f-3c02-4c2f-8eed-fc4260894711%2Fzmf1147_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$46,200
5,800
12,000
29,900
32,500
55,400
8,000
89,200
62,000
29,500
4,140
Accounts receivable
Prepaid insurance
Land
Accounts payable
Notes payable
Retained earnings
Dividends
Fees earned revenue
Selling expenses
Administrative expenses
Miscellaneous expense
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