The following is the adjusted trial balance as of December 31, 2014 of Tuttle Photography:
Provide the closing entry for expenses.
Definitions:
Operating Cash Receipts
The cash received by a company from its operational activities, such as cash from sales or services rendered.
Operating Cash Payments
Cash payments made by a business for its operational activities, such as paying for goods, services, and employee salaries.
Equity Securities
Financial instruments representing ownership interest in a corporation, such as stocks.
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