After All Adjustments Have Been Made, but Before the Accounts

question 36

Essay

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs:
Journalize the entries to close the appropriate accounts.

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Definitions:

Economic System

The organized way in which a country or a society allocates its resources and apportions goods and services in the national community.

Fundamental Questions

Basic questions that economies face regarding what to produce, how to produce, and for whom to produce, based on limited resources.

Unemployment

The failure to use all available economic resources to produce desired goods and services; the failure of the economy to fully employ its labor force.

Barter System

An economic system where goods or services are directly exchanged for other goods or services without using money.