The Income Statement and Balance Sheet columns below are from the work sheet of a merchandising firm, J. D. Enterprise, for the year ended December 31, 20--.
Required:
Prepare the closing entries for the merchandising firm. 
Definitions:
Opportunity Cost
The benefit lost when one decision is made over another, effectively the cost of forgoing the next best alternative.
Park Construction
The process of designing, planning, and building an area of land with recreational facilities, natural elements, and landscaping intended for public use.
Necessary Increase
An essential rise in quantity or capacity required to meet a specific need or to maintain equilibrium.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the potential benefits missed out on.
Q1: The following data applies to a
Q6: Which of the following indicates that a
Q30: Only the income statement is affected by
Q38: A tax levied on employers to raise
Q47: A process of selling the assets, paying
Q48: A written agreement specifying that if the
Q63: When the merchandise is received, a receiving
Q74: Under conditions of rising prices, the FIFO
Q80: The accounting entry for additions and improvements
Q88: The account, Discount on Notes Payable, is