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problem 1: Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2020.
Cash 35,000
Suzie Sheer, Capital 85,000
Accounts payable 33,000
Service revenue 84,000
Depreciation expense-building 12,000
Salary expense 29,000
Unearned service revenue 24,000
Prepaid rent 9,000
Supplies expense 6,000
Note payable 71,000
Land 65,000-
Accounts receivable 32,000
Accum. depreciation-building 12,000
Interest revenue 14,000
Interest payable 3,000
Suzie Sheer, Withdrawals 20,000
Rent expense 15,000
Building 95,000
Supplies 4,000
Interest expense 4,000
Find his income or loss for the year or operation.
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