Prepare the Necessary Closing Entries Based on the Following Selected

question 152

Essay

Prepare the necessary closing entries based on the following selected accounts. $$\begin{array} { l r } \text { Accumulated Depreciation } & \$ 10,000 \\\text { Depreciation Expense } & 4,000 \\\text { Retained Earnings } & 20,000 \\\text { Dividends } & 12,000 \\\text { Salaries and Wages Expense } & 18,000 \\\text { Service Revenue } & 31,000\end{array}$$

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Definitions:

Guaranteed Suffrage

The right to vote that is protected and ensured by law or constitution, typically referring to the universal right to vote regardless of race, gender, or economic status.

Race-based Distinctions

The practice or policy of differentiating individuals based on racial characteristics, often leading to discrimination or inequality.

Afro-American League

An early civil rights organization in the United States, aimed at advocating for African American rights and challenging racial discrimination.

T.Thomas Fortune

An African American journalist, editor, and writer, recognized as a leading advocate of civil rights and economic empowerment for African Americans in the late 19th and early 20th centuries.