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Prepare the closing entries

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Question - Cullumber Company has the following year-end account balances on November 30, 2021: Service Revenue $39,000; Insurance Expense $2,700; Rent Expense $8,800; Supplies Expense $1,550; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $28,000. Prepare the closing entries. Calculate the balance in L. Wilfrid, Capital after the closing entries are posted.

Reference no: EM133117994

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