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Unformatted text preview: 23,000 Record depreciation for period. Vouchers Payable 243,000 Cash 243,000 Pay approved vouchers. Closing entries: Billings to Departments 292,000 Costs of Printing Jobs 204,000 Operating Expenses 38,000 Depreciation Expense 23,000 Profit and Loss Summary 27,000 Close nominal accounts. Profit and Loss Summary 27,000 Net Assets Unrestricted 27,000 Close profit and loss summary. Net Assets Invested in Capital Assets, Net of Related Debt 18,300 Net Assets - Unrestricted 18,300 Reclassify net assets as of end of period: $18,300 = (ending balance of $191,700 net capital assets less $0 related debt ) less $210,000 beginning balance in net assets invested....
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- Fall '11