On the Basis of the Following Data Taken from the Adjusted

question 115

Essay

On the basis of the following data taken from the adjusted trial balance columns of the worksheet for the year ended December 31 for Painting the Perfect Picture, journalize the four closing entries in the proper order.
$$\begin{array} { l r r } \text { Account } & \text { Debit } & \text { Credit } \\\text { Cash } & 27,000 & \\\text { Accounts Receivable } & 67,000 & \\\text { Supplies } & 7,000 & \\\text { Equipment } & 200,000 & \\\text { Accumulated Depreciation } & & 70,0000 \\\text { Accounts Payable } & & 37,000 \\\text { Capital } & & {200,250}\\\text { Withdrawals } & 25,000 & \\\text { Fees Earned } & & 100,000\\\text { Salary Expense } & 27,000 & \\\text { Rent Expense } & 17,500 & \\\text { Depreciation Expense } & 20,000 & \\\text { Supplies Expense } & 12,500 & \\\text { Miscellaneous Expense } & \underline { 4,250 } \\\text { Total } & \underline { \underline { 407,250 } } & \underline { \underline { 407,250 } } \\\end{array}$$

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Definitions:

Business Deal

An agreement or arrangement, especially in a commercial context, between parties regarding the sale, purchase, or exchange of goods or services.

Japanese Counterpart

A person, organization, or concept in Japan that corresponds to or is equivalent to one in another country.

Communication Episode

A specific instance of communication between individuals, involving the exchange of information or messages.

Sender

The originator of a message in the communication process who intends to convey information or ideas to others.