The Following Is the Adjusted Trial Balance as of December

question 75

Essay

The following is the adjusted trial balance as of December 31,2019 of Barone Brothers,Inc.:

Prepare the closing entry for expenses.Omit explanation.

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Definitions:

Income Statement

A financial report summarizing the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.

Revenues

Revenue earned by a company primarily through its sales of products and services to buyers, as part of its regular operations.

Owner's Equity

Owner's Equity refers to the owner's rights to the assets of the company after all liabilities have been deducted. It is also known as shareholders' equity or stockholders' equity.

Investments

Investments refer to assets or items acquired with the intention of generating income or appreciating in the future.