Closing Entries
Below Is a Selection of Account Balances for Howard

question 35

Essay

Closing entries
Below is a selection of account balances for Howard Ltd. at December 31, 2020:
$\begin{array}{llcc} \text { Sales } & \$856,000\\ \text {Sales returns } &40,000\\ \text {Cost of goods sold. } &456,000\\ \text { Advertising expense } &38,000\\ \text { Salaries expense } &113,000\\ \text { Depreciation expense } &31,000\\ \text { Insurance expense } &9,000\\ \text { Administrative expense } &10,000\\\end{array}$
All accounts have their normal balances.
Instructions
Prepare all necessary closing entries at December 31, 2020.

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Definitions:

Error Scores

The difference between observed values and the values predicted by a model, reflecting the amount of inaccuracy or deviation.

Method

A systematic approach or procedure for achieving a particular objective or conducting research.

Standard Deviations

A measure of the amount of variation or dispersion in a set of values, indicating how much the values differ from the mean of the data.

Interrater Reliability

A measure of consistency among multiple raters or observers in their assessments or measurements.