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Instructions:
Using the above information, prepare the closing entries for Liu Company.
Independent Contractor
An individual or entity contracted to perform work for another party without being subject to the hiring party's control over the details of the work's performance.
Reimbursement
Compensation for money already spent or costs incurred by an individual, typically by their employer or another organization.
Employment
A formal relationship between an employer and an employee where the employee performs work or services in exchange for compensation.
Confidential Information
Sensitive data or knowledge not to be disclosed to unauthorized persons, often protected by legal or contractual agreement.
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