A pre-closing trial balance included the following account balances for Simpli City:
Required:
Prepare the necessary closing entries for the General Fund.
Definitions:
Tax
An inescapable financial demand or another sort of fee imposed on a taxpayer by an arm of the government to fulfill government spending requisites and diverse expenditures for public services.
Good
An item or product that can be bought, sold, or provided in an exchange and is intended to satisfy a want or need.
Burden
In economic contexts, it often refers to the impact of taxes or regulations on individual or corporate finances.
Tax
Mandatory financial contributions imposed by governments on individuals, businesses, or transactions to finance government activities.
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