The adjusted account balances of Stine Company, at December 31, 2014, are as follows: 
Instructions
a. Prepare closing entries for December 31, 2014.
b. Determine the balance in B. Stine's capital account after the entries have been posted.
Definitions:
Functional Currency
The currency of the primary economic environment in which an entity operates, typically used in preparing financial statements.
Currency Exchange Rates
The value of one currency for the purpose of conversion to another, dictating how much one currency is worth in terms of another.
Operating Expense
Expenses incurred through normal business operations, such as rent, utilities, and payroll.
Exchange Rate
The price of one currency in terms of another, determining how much of one currency can be exchanged for another.
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