The items that follow appeared in the Income Statement columns of the work sheet prepared for Armstrong Delivery Service at current year-end.In addition,Retained earnings had a credit balance of $117,000 and Dividends had a debit balance of $30,000 at year end.Prepare closing journal entries for this company.
Definitions:
Common Law
A body of unwritten laws based on legal precedents established by the courts, as opposed to statutory laws.
Full Warranty
A comprehensive guarantee that covers the repair or replacement of any defect in a product within a specified period.
Magnuson-Moss Act
The Magnuson-Moss Act is a federal law aimed at protecting consumers from deceptive warranty practices, requiring warranties to be clear and comprehensive.
Defective Part
A component or piece of a larger item that has a flaw or imperfection, rendering it unfit for its intended use.
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