Closing entries expensesbelow is a list of accounts with, Ask an Expert

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Closing Entries: Expenses.Below is a list of accounts with corresponding ending balances.Account: Account Balance

a. Insurance Expense: $1,300

b. Cash: 750

c. Accounts Receivable: 4,000

d. Cost of Goods Sold: 2,300

Prepare one summary entry to close those accounts that should be closed at the end of the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795484

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