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Journalize the two entries required to close the accounts

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Reference no: EM133130578

Question - After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the Co.:

Retained Earnings $2,550,000

Dividends 25,000

Fees Earned 1,150,000

Wages Expense 613,750

Rent Expense 120,000

Supplies Expense 9,150

Miscellaneous Expense 11,000

Required - Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM133130578

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