Management InfoSys Incorporated Had the Following Account Balances at Year

question 69

Essay

Management InfoSys Incorporated had the following account balances at year end.
$$\begin{array} { l r l r } \text { Sales } & \$ 950,000 & \text { Rent Expense } & \$ 115,000 \\\text { Salaries Expense } & 435,000 & \text { Utilities Expense } & 11,000 \\\text { Dividend Revenue } & 5,500& \text { Depreciation Expense } & 26,500 \\\text { Interest Expense } & 9,500 &\text { Income Tax Expense } & 40,000 \\\text { Gain on Sale of Equipment } & 6,000 &\text { Insurance Expense } & 22,000\end{array}$$ Required: Prepare the closing entries at December 31.

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Definitions:

Abduction of Hip

The movement of the leg away from the midline of the body.

Adduction of Hip

The movement of bringing the leg toward the midline of the body.

Hip Dislocation

An injury where the head of the femur is moved out of its normal position in the socket of the pelvic bone, often due to trauma.

Lateral Rotation

The movement of a body part away from the midline, rotating along its axis in the lateral direction.