After the Accounts Have Been Adjusted at January 31, 2014

question 3

Essay

After the accounts have been adjusted at January 31, 2014, the end of the fiscal year, the following balances are taken from the ledger of Taylor Pool Service Company:
Journalize the four entries required to close the accounts

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Definitions:

Replevin

A legal action to recover personal property that has been wrongfully taken or retained.

Mitigate Damages

The requirement that a party who has suffered damage as a result of a breach of contract or other injury take reasonable action to minimize the amount of the damage.

Reasonable Course

A course of action that a prudent person would believe to be appropriate under the circumstances.

Unfinished Goods

Products that are in the process of being manufactured but are not yet complete.