Instructions
Prepare the end of the period closing entries for the Falcon Cleaners and Laundry. You may omit journal entry explanations.
Solution Preview
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The end of the period account balances after adjustments of the Falcon Cleaners and Laundry are as follows:
Cash $ 10,000
Cleaning Supplies 3,500
Prepaid Rent 3,600
Equipment 128,000
Accumulated Depreciation?Equipment 20,000
Accounts Payable 8,500
Common Stock 80,000
Retained Earnings 26,400 ...
Solution Summary
Wors document contains end of the period closing entries for the Falcon Cleaners and Laundry.
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