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:

Constitution

A set of fundamental principles or established precedents according to which a state or other organization is governed, outlining the structure of government and the rights of citizens.

Federalists

Advocates for a strong central government and supporters of the ratification of the U.S. Constitution in the late 18th century, as opposed to anti-federalists who favored stronger state governments.

Antifederalists

Political figures and activists in early American history who opposed the creation of a strong federal government, advocating instead for states' rights and a decentralized political structure.

Ratification Debate

The intense public and political discourse that took place during the process of ratifying the United States Constitution, with Federalists advocating for it and Anti-Federalists opposing it.