After All Adjustments Have Been Made, but Before the Accounts

question 134

Essay

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs: $$\begin{array} { l c l l } \text { Accounts Payable } & \$ 27,600 & \text { Rent Expense } & \$ 32,700 \\\text { Accounts Receivable } & 64,500 & \text { Salary Expense } & 41,390 \\\text { Accumulated Depreciation } & 73,325 & \text { Salaries Payable } & 8,150 \\\text { Cash } & 17,150 & \text { Service Revenue } & 186,000 \\\text { Depreciation Expense } & 13,500 & \text { Supplies } & 1,500 \\\text { Equipment } & 165,000 & \text { Supplies Expense } & 2,500 \\\text { Insurance Expense } & 2,510 & \text { Common Stock } & 79,950 \\\text { Prepaid Insurance } & 6,275 & \text { Dividends } & 48,000 \\& & \text { Retained Earnings } & 20,000\end{array}$$ Journalize the entries to close the appropriate accounts.

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Definitions:

Mentoring

The act of guiding or advising someone less experienced, often in a professional context, to help them grow and succeed.

Medical Unit

A medical unit is a specific department within a hospital or healthcare facility focused on the treatment and care of patients with medical conditions.

Experienced Nurse

A nurse who has gained a significant amount of practical experience and expertise in the nursing field through extensive work in healthcare settings.

Acute Care Hospital

A healthcare facility providing short-term treatment for severe injuries, illnesses, urgent medical conditions, or surgical care.