From the following items in the income statement columns of the worksheet of Monaghan Company at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period.
Definitions:
Power Elite
A small group of powerful individuals who hold significant wealth, political influence, and authority in society, often shaping policy and decision-making.
Pluralist
A belief or theory that political power in a society does not lie with the ruling elite but is distributed among multiple power bases.
Autonomous State
A concept referring to a government that operates independently, making its own decisions and policies without external influence.
Never Again
A phrase often associated with a pledge or commitment to prevent a reoccurrence of a devastating or tragic event in history, especially used in contexts of genocide and mass atrocities.
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