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Question - The following account balances were taken from Long Tail Consulting's year-end adjusted trial balance (assume these are the company's only temporary accounts).
Consulting fees earned $320,000
Interest revenue 4,000
Insurance expense 18,000
Rent expense 60,000
Depreciation expense: office equipment 36,000
Salaries expense 220,000
Dividends 9,000
Required - Prepare the company's necessary closing entries.
Monica (not in the loan business) loaned Lateisha $25,000 two years ago. During the current year, Lateisha declared bankruptcy.
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