a. Explanation Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Prepare journal entries. Date Description Post Ref Debit ($) Credit($) 2018 December 31 Commissions revenue 84,900 Retained earnings 84,900 (To close the revenue account) December 31 Retained earnings 55,900 Wages expense 36,000 Insurance expense 1,900 Utilities expense 8,200 Depreciat... b. To determine Prepare T-accounts for the ledger accounts.

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Chapter 3, Problem 28ME

To determine

Prepare journal entries to close the accounts.

To determine

Prepare T-accounts for the ledger accounts.

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Chapter 3, Problem 27ME

Chapter 3, Problem 29ME

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Chapter 3 Solutions

FINANCIAL ACCOUNTING

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