Prepare Closing Entries from the Following End-Of-Period Spreadsheet

question 10

Essay

Prepare closing entries from the following end-of-period spreadsheet.

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Definitions:

Accounts Receivable

Funds that customers owe to a company for products or services that have already been provided but not yet compensated for.

Fees Earned

Revenue recognized by a company or individual in exchange for services rendered.

Adjusted Trial Balance

A financial statement listing all the accounts and their final balances after all adjustments have been made.

Closing Entries

At the end of an accounting cycle, transactions are recorded to shift balances from provisional accounts to lasting accounts.