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The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000; Salaries and Wages Expense $8,400; Maintenance and Repairs Expense $2,500; and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.
(a) Prepare closing journal entries.
(b) What is the ending balance in Retained Earnings?
Insurance Company begins processing casualty claims
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A government had the following transfers reported in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances:
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Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions. Prepare the journal entries for the above transactions. Show calculations.
General journal for governmental activities at the government-wide level - Program Revenues-General Government-Operating Grants and Contributions
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