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Calculate the profit or loss for the year

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Reference no: EM133014994

Question - Asad Company has the following year-end account balances on November 30, 2019: Service Revenue 38,500, Insurance Expense 2,750, Rent Expense 8,000, Supplies Expense $1,500; L. Asad Capital 42,000 and L. Asad Drawings 29,000.

1) Calculate the profit or loss for the year.

2) Prepare the closing entries.

3) Calculate the balance in L. Asad Capital after the closing entries are posted.

Reference no: EM133014994

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