An adjusted trial balance is shown below.
Please provide the third closing entry.
Definitions:
Federal Poverty Level
A measure of income issued annually by the Department of Health and Human Services used to determine eligibility for various federal and state assistance programs.
EIC
The Earned Income Credit (EIC) is a tax credit for low-to-moderate-income working individuals and families, particularly those with children.
Qualifying Child
A dependent who meets specific IRS criteria, making the taxpayer eligible for certain tax benefits.
Eligible Foster Child
A child placed in an individual's home by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction.
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