Shown below is Bill Brady Law's adjusted trial balance at the end of its annual accounting period.
Prepare the necessary closing entries.
Definitions:
Balance Sheet
A financial statement that shows assets and liabilities at one point in time.
Profits
The financial gain realized when the revenues of a business exceed the costs and expenses related to its operation.
Losses
The negative difference between the cost of investment and its current value or selling price.
Leverage
In finance, the use of borrowed funds to increase investment potential or, in a broader sense, using a small initial investment to gain a high return.
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