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7 November, 09:44

The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,000; Interest Expense, $74,000; and Dividends, $49,000.

Record the necessary closing entries.

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  1. 7 November, 10:02
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    Journal Entry and their narrations is shown below:-

    Explanation:

    The Journal entry is shown below:-

    1. Service Revenue Dr, $845,000

    Retained Earnings $845,000

    (Being close the revenue accounts is recorded)

    2. Retained Earnings Dr, $592,000

    ($139,000 + $379,000 + 74,000)

    To Rent Expense $139,000

    To Salaries Expense $379,000

    To Interest Expense $74,000

    (Being close the expense accounts is recorded)

    3. Retained Earnings Dr, $49,000

    To Dividends $49,000

    (Being dividends is recorded)
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