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Preparation of Closing Entries and an Income Statement
Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2011. The following are selected account balances after adjustment:
Sales Revenue
$ 691,900
Interest Revenue
8,500
Accounts Payable
8,330
Wages Expense
404,900
Accounts Receivable, 12/31/2011
65,000
Supplies Expense
68,350
Supplies, 12/31/2011
179,000
Prepaid Rent
7,200
Rent Expense
28,600
Unearned Sales Revenue
12,200
Insurance Expense
94,300
Wages Payable
11,700
Utilities Expense
12,300
Interest Expense
9,500
Depreciation Expense, Equipment
20,000
Accumulated Depreciation, Equipment
75,000
Income Tax Expense
Income Tax Payable
8,300
Dividends
7,800
1. Using the accounts and balances above, prepare the closing entries for 2011. If an amount box does not require an entry, leave it blank.
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