PA2. 5.1 The following selected accounts and normal balances existed at year-end. Make the four journalentries required to close the book.Accounts receivable$45,000Prepaid insuranceLand4,50050,00039,00055,000Accounts payableNotes payableRetained earnings12,0002,00065,000DividendsFees earned revenueSelling expensesAdministrative expenses34,50012,750Miscellaneous expense1,250

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Description: PA2. 5.1 The following selected accounts and normal balances existed at year-end. Make the four journalentries required to close the book.Accounts receivable$45,000Prepaid insuranceLand4,50050,00039,00055,000Accounts payableNotes payableRetained ear

closing entries are used to transfer the balance from a temporary account to a permanent account. We…

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PA2. 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the book. Accounts receivable $45,000 Prepaid insurance 4,500 50,000 39,000 55,000 12,000 Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue 2,000 65,000 Selling expenses Administrative expenses Miscellaneous expense 34,500 12,750 1,250

PA2. 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the book. Accounts receivable $45,000 Prepaid insurance 4,500 50,000 39,000 55,000 12,000 Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue 2,000 65,000 Selling expenses Administrative expenses Miscellaneous expense 34,500 12,750 1,250

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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