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Prepare closing entries for December

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Reference no: EM132629996

Question - Presented below is an adjusted trial balance for Neveen Company, at December 31, 2019.

Account Title Debit Credit

Cash 14,000

Accounts receivable 20,000

Prepaid insurance 15,000

Equipment 40,000

Accumulated Depreciation- Equipment 15,000

Accounts payable 6000

Unearned revenue 20,000

Notes payable 9,000

Omar, Capital 30,000

Omar, Drawing 1,200

Service revenue 20,000

Depreciation expense 5000

Advertising expense 1000

Rent expense 700

Salary expense 1,600

Insurance expense 1,500

L.E. 100,000 L.E.100,000

Instructions -

(a) Prepare closing entries for December 31, 2019.

(b) Determine the balance in Neveen's capital account after the entries have been posted.

(c) Design a balance sheet statement balance sheet after closing.

Reference no: EM132629996

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