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The following accounts relate to Blue Corporation: Cash Accounts receivable Building Accumulated Depreciation Intangible assets Other Assets Current Liabilities Long-term Liabilities Withdrawals Capital Commissions Revenue Rent Expense Insurance Expense REQUIRED: 50,000 25,000 99,000 10,000 45,000 10,000 18,000 5,000 1,000 67,000 98,000 39,000 60,000 Prepare the necessary closing entries based on the aforementioned informatic

The following accounts relate to Blue Corporation: Cash Accounts receivable Building Accumulated Depreciation Intangible assets Other Assets Current Liabilities Long-term Liabilities Withdrawals Capital Commissions Revenue Rent Expense Insurance Expense REQUIRED: 50,000 25,000 99,000 10,000 45,000 10,000 18,000 5,000 1,000 67,000 98,000 39,000 60,000 Prepare the necessary closing entries based on the aforementioned informatic

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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The following accounts relate to Blue Corporation: Cash Accounts receivable Building Accumulated Depreciation Intangible assets Other Assets Current Liabilities Long-term Liabilities Withdrawals Capital Commissions Revenue Rent Expense Insurance Expense REQUIRED: 50,000 25,000 99,000 10,000 45,000 10,000 18,000 5,000 1,000 67,000 98,000 39,000 60,000 Prepare the necessary closing entries based on the aforementioned information.
Transcribed Image Text:The following accounts relate to Blue Corporation: Cash Accounts receivable Building Accumulated Depreciation Intangible assets Other Assets Current Liabilities Long-term Liabilities Withdrawals Capital Commissions Revenue Rent Expense Insurance Expense REQUIRED: 50,000 25,000 99,000 10,000 45,000 10,000 18,000 5,000 1,000 67,000 98,000 39,000 60,000 Prepare the necessary closing entries based on the aforementioned information.
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