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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.

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Closing Journal Entries

What are the four closing journal entries? Why are they necessary?

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