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    On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data.

    Accounts Receivable $24,000
    Commission Revenue $92,000
    Interest Expense 7,800
    Interest Payable 1,500
    Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue and (2) accrue $1,500 interest expense.

    Instructions:
    (a) Prepare the closing entries for the temporary accounts at December 31.
    (b) Prepare the reversing entries on January 1.
    (c) Post the entries in (a) and (b). Rule and balance the accounts. (Use T accounts.)
    (d) Prepare the entries to record (1) the collection of the accrued commissions on January 10 and (2) the payment of all interest due ($2,700) on January 15.
    (e) Post the entries in (d) to the temporary accounts.

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    On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data.

    Accounts Receivable $24,000
    Commission Revenue $92,000
    Interest Expense $7,800
    Interest Payable $1,500
    Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue
    and (2) accrue $1,500 interest expense.

    "Instructions:
    "
    (a) Prepare the closing entries for the temporary accounts at December 31.
    (b) Prepare the reversing entries on January 1.
    (c) Post the entries in (a) and (b). Rule and balance the accounts. (Use T accounts.)
    (d) ...

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    This solution is comprised of a detailed explanation to answer the request of the assignment in excel file.

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