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    Closing entries

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    Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. All accounts have normal balances.)

    J. Mark, Capital 30,000
    J. Mark, Withdrawals 6,000
    Fees earned 20,000
    Salaries expense 7,000
    Insurance expense 350
    Utilities expense 75
    Supplies expense 500
    Supplies 400
    Salaries payable 300
    Depreciation expense 425

    Prepare all the necessary closing entries for this company.

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    Solution Preview

    Closing entries close the temporary accounts. We use a special account income summary for the closing entries and then transfer the balance in the income summary to the ...

    Solution Summary

    The solution explains how to prepare the closing entries for a company.