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On December 31, 2007, Bert's Farm Store had the followingaccount balances in its accounting system. All year-endadjustments had been entered, but the books had not yet beenclosed.
Accounts
Balances
Account
Cash
700
Sales Revenue
2,200
Merchandise
2,800
Cost of Goods Sold
900
Supplies
925
Wages Expense
400
Prepaid Insurance
450
Utilities Expense
150
Equipment
3,550
Depreciation Expense.
50
Accumulated Depreciation
1,750
Insurance Expense.
100
Interest Payable
Supplies Expense
Notes Payable
2,000
Interest Expense
Owners Equity
4,175
A. What is the purpose of closing the books?
B. Prepare all necessary closing entries.
C. After closing, what is the amount of owner'sequity that will be reported on the balance sheet?
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