After All Adjustments Have Been Made,but Before the Accounts Have

question 12

Essay

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs:
$\begin{array}{l}\begin{array}{lll}\text { Accounts Payable } & \$ 27,600 \\\text { Accounts Receivable } & 64,500 \\\text { Accumulated Depreciation } & 73,325 \\\text { Cash } & 17,150 \\\text { Depreciation Expense } & 13,500 \\\text { Equipment } & 165,000 \\\text { Insurance Expense } & 2,510 \\\text { Prepaid Insurance } & 6,275\\\\\end{array}\begin{array}{lll}\text { Rent Expense } & \$ 32,700 \\\text { Salary Expense } & 41,390 \\\text { Salaries Payable } & 8,150 \\\text { Service Revenue } & 186,000 \\\text { Supplies } & 1,500 \\\text { Supplies Expense } & 2,500 \\\text { Common Stock } & 79,950 \\\text { Dividends } & 48,000 \\\text { Retained Earnings } & 20,000\end{array}\end{array}$ Journalize the entries to close the appropriate accounts.

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Definitions:

Compromise Tariff

A tariff agreement designed to resolve or mitigate a specific conflict or dispute between parties, often involving concessions from both sides.

Republican Party Ideology

A set of beliefs and values that guide the Republican Party in the United States, emphasizing limited government, free markets, individual liberty, and traditional social values.

Political Force

A political force is an entity or factor that exerts influence on political outcomes, ranging from public opinion and mass movements to lobbying groups and political parties, significantly shaping policy and governance.

President John Tyler

The 10th President of the United States, serving from 1841 to 1845, known for his annexation of Texas.