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The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $240,000; sales revenue, $830,000; cost of goods sold, $530,000; salaries expense, $200,000; rent expense, $44,000; and interest expense, $19,000. Prepare the necessary closing entries.
General Journal Debit Credit
Event 1
Event 2
Event 3
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to:
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