To determine Prepare closing entry for Company CM. Explanation The journal entries prepared to close the temporary accounts to capital account are referred to as closing entries. The revenue, expense, and drawing accounts are referred to as temporary accounts because the information and figures in these accounts is held temporarily and consequently transferred to permanent account at the end of accounting year. Prepare closing entry for Company CM . Date Account Titles and Explanations Post. Ref. Debit ($) Credit ($) Sales Revenue (+R, +SE) 38,500 Interest Revenue (+R, +SE) 100 Rent Revenue (+R, +SE) 800 Retained Earnings (+SE)

10th Edition

ISBN: 9781264094639

Author: Libby

Publisher: MCG

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Chapter 4, Problem 13ME

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Prepare closing entry for Company CM.

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Chapter 4, Problem 12ME

Chapter 4, Problem 1E

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Chapter 4 Solutions

FINANCIAL ACCOUNTING W/CONNECT PKG

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