) The items that follow appeared in the Income Statement columns of the work sheet prepared for a sole proprietorship at year-end, December 31, 2015. Also, the owner's withdrawals account was debited for $12,000 during the year.
Prepare the necessary closing entries at December 31.
Definitions:
Fixed Costs
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
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