A Company Had $90,000 of Sales Revenue and $55,000 of Expenses

question 137

Essay

A company had $90,000 of Sales revenue and $55,000 of Expenses. Please provide the first of three year-end closing entries.

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Definitions:

Competitors

Competitors are companies or entities that offer similar goods or services within the same market, vying for the same customer base.

Elementary Description

A simplified explanation or portrayal of a concept, typically made accessible to those without specialized knowledge in the area.

Things

in the context of technology, often refers to devices or objects in the Internet of Things (IoT), where physical devices are connected to the internet and can collect and exchange data.

Events

Occurrences or happenings, especially those of significance, that can be observed in various contexts like social, natural, or technological realms.