The companys bookkeeper prepares the closing entries and, Ask an Expert

Accounting

Seduction Interiors has the following balances before closing entries are performed:

• Retained Earnings $5,000
• Fees Earned $25,000
• Salaries expense $17,000
• Operating expenses $12,000
• Dividends distributed $7,000

The company's bookkeeper prepares the closing entries and becomes concerned.

Prepare the closing entries for the company.

What caused the bookkeeper concern?

Should the company had paid dividends during the year?

What can the shareholders do?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9448072

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