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Question: closing entries wilson consulting company prepares the following adjusted trial...

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Closing Entries

Wilson Consulting Company prepares the following Adjusted Trial Balance at the end of 2018.

Using the information from the adjusted trial balance, prepare the closing entries and submit it to this homework assignment.


Wilson Consulting Company
Adjusted Trial Balance
31-Dec-18

Account Name Debit Credit
Cash 7500
Accounts Receivable    3500
Prepaid Building Rent 1300
Unexpired insurance   3500
Supplies 175
Equipment 8000
Accumulated Deprecation Equipment 3500
Noyes payable 4000
Salaries payable 1550
Income taxes payable 2750
Unearned service revenue 95950
Capital stock 65000
Retained earnings 25000
Dividends 1000
Service revenue earned 93792
Salaries expense 31276
Supplies expense 37500
Rent expense 6050
Insurance expense 655
Advertising expense 175
Depreciation expense equipment 877
Interest expense 450
Income tax expense 2000
Totals 197750 197750

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