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Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.) BRAMBLE CLEANERS Balance Sheet March 31, 2017 Assets Current Assets Cash 8740 Accounts Receivable 8070 350 Supplies Prepaid Rent Prepaid Insurance 1200 2500 Total Current Assets 20860 Property, Plant and Equipment Equipment 9900

Need help jounalizing the closing entries I am confused as to what the values would be on the blank ones? Please help! Let me know if you need any more info. EDIT: I think all the values are wrong please help!!!

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Answer #1

Closing entry :

Date account and explanation debit credit
Mar 31 Service revenue 10050
Income summary 10050
(To close revenue account)
mar 31 Income summary 8506
Salary and wages expense 3510
Supplies expense 3120
Maintenance and repairs expense 430
Insurance expense 500
Depreciation expense 310
Rent expense 600
Interest expense 36
(To close expense account)
Mar 31 Income summary 1544
Retained earrnings 1544
(To close income summary account)
Mar 31 Retained earnings 1120
Dividends 1120
(To close dividend account)
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