Example on closing process, Accounting Basics

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Q. Example on closing process?

This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing process. The trial balance for Green Hills Riding Stable Incorporated from 2010 July 31 was as follows

1431_Example on closing process.png

Depreciation expenditure for the month is USD 200. Accrued salaries on July 31 are USD 300.

a. organize a 12-column work sheet for the month ended 2010 July 31.

b. Journalize the adjusting entries.

c. Journalize the closing entries.

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