Solution-Post the closing entries and balance the accounts

Post the closing entries and balance the accounts

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Reference no: EM132720384

Question: The ledger of Bridgeport Company contains the following balances:

Retained Earnings $28,500,

Dividends $3,000,

Service Revenue $48,500,

Salaries and Wages Expense $25,500, and

Supplies Expense $7,000.

The closing entries are as follows:

(1) Close revenue accounts.

(2)Close expense accounts.

(3)Close net income/(loss).

(4)Close dividends.

Enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.

Reference no: EM132720384

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Post the closing entries and balance the accounts

Reference no: EM132720384

Reference no: EM132720384

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