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    Closing Journal Entries

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    Prepare the necessary closing entries based on the following selected accounts:

    Accumulated Depreciation $10,000
    Depreciation Expense 7,000
    Owner's Capital 20,000
    Owner's Drawings 12,000
    Salaries and Wages Expense 18,000
    Service Revenue 31,000

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    Solution Summary

    This solution illustrates how to make the closing journal entries for a sole proprietorship.