The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company. 
Definitions:
Long-term Debt
A financial obligation that extends beyond one year, used by businesses to finance their operations or acquire assets.
Contingent Liabilities
Potential liabilities that may occur depending on the outcome of a future event.
Remote Possibility
A very low probability event; in Accounting, refers to uncertain events that are considered unlikely to happen and may not be recorded.
Current Liabilities
Obligations or debts a company must pay within a year, including accounts payable, short-term loans, and accrued expenses.
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