Following Are Selected Accounts and Their Balances for a Company

question 52

Essay

Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. (All accounts have normal balances.)
$\begin{array}{|l|r|}\hline \text { Retained earnings } & \$ 30,000 \\\hline \text { Dividends } & 6,000 \\\hline \text { Fees earned } & 20,000 \\\hline \text { Salaries expense } & 7,000 \\\hline \text { Insurance expense } & 350 \\\hline \text { Utilities expense } & 75 \\\hline \text { Supplies expense } & 500 \\\hline \text { Supplies } & 400 \\\hline \text { Salaries payable } & 300 \\\hline \text { Depreciation expense } & 425\\\hline\end{array}$ Prepare all the necessary closing entries for this company.

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Definitions:

Permeability

A measure of how easily fluids can pass through a porous rock or sediment.

Water Table

The level below the Earth's surface at which the ground is fully saturated with water.

Zone of Saturation

The area beneath the Earth's surface where all the pores and fractures of the rock are filled with water.

Permeability

A measure of how easily fluids can flow through a porous material, such as rocks or soil, due to the presence of interconnected void spaces.