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1. Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest...

1. Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions:

Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided.

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Answer #1
Account Titles Debit Credit
Sales Revenue $      450,000
Interest Revenue $        10,000
Rent Revenue $        13,000
        Retained Earnings $        473,000
(To close revenue accounts)
Retained Earnings $      320,000
       Cost of Goods Sold $        230,000
       Selling Expenses $          26,000
       Administrative Expense $          28,000
       Rent Expense $          16,000
       Income Tax expense $          20,000
(To close expense accounts)
Retained Earnings $        20,000
       Dividend $          20,000
(To close dividend accounts)

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