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Prior to adjustment at August 31, 2010, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $2,700....

Prior to adjustment at August 31, 2010, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $2,700.

Prepare the entries to record the following:


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1. Accrued salaries as of August 31.







Correct 2 of Item 1
Correct 3 of Item 1


Correct 4 of Item 1
Correct 5 of Item 1







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2. Closing of Salary Expense as of August 31.







Correct 2 of Item 2
Correct 3 of Item 2


Correct 4 of Item 2
Correct 5 of Item 2




Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010.




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Prepare the entry required to close the revenue accounts at the end of the period. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".






Dec. 31

Accounts receivable
Bob Evans, drawing
Cash
Income summary
Rent fees earned
Correct 2
Correct 3
Correct 4



Income summary
Bob Evans, capital
Unearned rent fees
Notes receivable
Furniture rental revenue
Correct 5
Correct 6
Correct 7



Cash
Interest receivable
Accumulated depreciation
Interest revenue
Income Summary
Correct 8
Correct 9
Correct 10



Cash
Rent fees earned
Bob Evans, drawing
Bob Evans, capital
Income Summary
Correct 11
Correct 12
Correct 13



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