PA8. LO 5.1 Correct any obvious errors in the following closing entries by providing the four corrected closingentries. Assume all accounts held normal account balances in the Adjusted Trial Balance.A.Income Summary$280,000Service Revenue$280,000В.Automobile ExpenseInsurance ExpenseSalaries Expense$ 16,50024,000190,000Supplies ExpenseIncome Summary18,500$249,000С.Retained EarningsIncome Summary$263,500$263,500D.Dividends$10,000Retained Earnings$10,000

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PA8. LO 5.1 Correct any obvious errors in the following closing entries by providing entries. Assume all accounts held normal account balances in the Adjusted Trial Balan A. Income Summary $280,000 Service Revenue $280,000 $ 16,500 24,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense Income Summary 190,000 18,500 $249,000 С. Retained Earnings Income Summary $263,500 $263,500 B.

PA8. LO 5.1 Correct any obvious errors in the following closing entries by providing entries. Assume all accounts held normal account balances in the Adjusted Trial Balan A. Income Summary $280,000 Service Revenue $280,000 $ 16,500 24,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense Income Summary 190,000 18,500 $249,000 С. Retained Earnings Income Summary $263,500 $263,500 B.

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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