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Presented below are the Retained Earnings,Dividends,and Income Summary accounts for Happy Puppy Pet Grooming Boutique for the year ended December 31,20xx.
In the journal provided,prepare the closing entries that resulted in the T accounts above.Assume that the only revenue is Revenue from Services and the only expense is Advertising Expense (omit explanations).
Minor
A person under the legal age of adulthood, which varies by country but is commonly 18 years old, and therefore has restricted legal rights and responsibilities.
Voidable
A legal term describing a transaction or action that is valid until it is annulled or voided by one of the parties involved.
Enforceable
Capable of being imposed or complied with, typically referring to legal agreements or orders that can be upheld by law.
Secretary of State
A senior official in the state government responsible for managing governmental operations, often including the overseeing of elections and maintaining public records.
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