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The adjusted trial balance of JT Music Productions, Inc. follows
JT Music Productions, Inc.
Adjusted Trial Balance
December 31
Cash
55,000
Supplies
5,000
Prepaid insurance
10,000
Studio Equipment
75,000
Accumulated Depreciation-Studio Equipment
10,000
Accounts payable
15,000
JT, Capital
100,000
JT, Withdrawals
7,000
Revenue
65,000
Salaries expense
5,000
Depreciation expense
5,000
Rent expense
10,000
Supplies expense
2,000
Utilities Expense
5,000
Insurance Expense
11,000
Totals
190,000
190,000
(a) Prepare the closing entries for JT Music Productions, Inc.
(b) What is the Balance of JT's capital account after the closing entries are posted?

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