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Category > Accounting Posted 15 May 2017 My Price 5.00

The year-end adjusted trial balance of the Timmons Tool

The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $220,000; sales revenue, $850,000; cost of goods sold, $580,000; salaries expense, $180,000; rent expense, $40,000; and interest expense, $15,000. Prepare the necessary closing entries.

 

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Alpha Geek
(8)
Status NEW Posted 15 May 2017 12:05 PM My Price 5.00

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Attachments

file 1494850482-1847925_1_636304035673731300_Closing-Journal-entries.xlsx preview (88 words )
18-----------479-----------25&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------480-----------190-----------Clo-----------sin-----------g E-----------ntr-----------ies-----------The----------- ye-----------ar------------end----------- ad-----------jus-----------ted----------- tr-----------ial----------- ba-----------lan-----------ce -----------of -----------the----------- Ti-----------mmo-----------ns -----------Too-----------l a-----------nd -----------Die----------- Co-----------rpo-----------rat-----------ion----------- in-----------clu-----------ded----------- th-----------e f-----------oll-----------owi-----------ng -----------acc-----------oun-----------t b-----------ala-----------nce-----------s: -----------ret-----------ain-----------ed -----------ear-----------nin-----------gs,----------- $2-----------20,-----------000-----------; s-----------ale-----------s r-----------eve-----------nue-----------, $-----------850-----------,00-----------0; -----------cos-----------t o-----------f g-----------ood-----------s s-----------old-----------, $-----------580-----------,00-----------0; -----------sal-----------ari-----------es -----------exp-----------ens-----------e, -----------$18-----------0,0-----------00;----------- re-----------nt -----------exp-----------ens-----------e, -----------$40-----------,00-----------0; -----------and----------- in-----------ter-----------est----------- ex-----------pen-----------se,----------- $1-----------5,0-----------00.-----------. P-----------rep-----------are----------- th-----------e n-----------ece-----------ssa-----------ry -----------clo-----------sin-----------g e-----------ntr-----------ies-----------Tim-----------mon-----------s T-----------ool----------- an-----------d D-----------ie -----------Cor-----------por-----------ati-----------onC-----------los-----------ing----------- en-----------tri-----------es -----------for----------- ye-----------ar -----------end-----------ing-----------Dec-----------emb-----------er
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