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Close the temporary accounts: close all of your revenue, expense, and dividend accounts to retained earnings.

\begin{tabular}{|c|l|r|r|} \hline Date & \multicolumn{1}{|c|}{ Accounts Title } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Dec 31 & Wages Expense & $33,875 & \\ \hline & Payroll Tax Expense & $2,710 & \\ \hline & Wages Payable & & $33,875 \\ \hline & Payroll Tax Payable & & $2,710 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Wages Expense incurred) } \\ \hline & \multicolumn{2}{|c|}{} & \\ \hline Dec 31 & Unearned Revenue & $102,860 & \\ \hline & Consulting Revenue & & $102,860 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Sales not earned) } \\ \hline & \multicolumn{1}{|c|}{ Dec } & \\ \hline Dec 31 & Inventory & $68,742 & \\ \hline & Cost of Goods Sold & & $68,742 \\ \hline \end{tabular} (To record Cost of Goods Sold reversed) \begin{tabular}{|l|l|r|r|} \hline & & & \\ \hline Dec 31 & Bad Debt Expense & $17,508 & \\ \hline & Allowance for Doubtful Accounts & & $17,508 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Bad Debt Expense incurred) } \\ \hline & \multicolumn{1}{|c|}{ De } & \\ \hline Dec 31 & Insurance Expense & $5,600 & \\ \hline & Prepaid Insurance & & $5,600 \\ \hline \end{tabular} (To record Income Tax Expense incurred) \begin{tabular}{|c|l|r|r|} \hline Date & \multicolumn{1}{|c|}{ Accounts Title } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Dec 31 & Wages Expense & $33,875 & \\ \hline & Payroll Tax Expense & $2,710 & \\ \hline & Wages Payable & & $33,875 \\ \hline & Payroll Tax Payable & & $2,710 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Wages Expense incurred) } \\ \hline & \multicolumn{2}{|c|}{} & \\ \hline Dec 31 & Unearned Revenue & $102,860 & \\ \hline & Consulting Revenue & & $102,860 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Sales not earned) } \\ \hline & \multicolumn{1}{|c|}{ Dec } & \\ \hline Dec 31 & Inventory & $68,742 & \\ \hline & Cost of Goods Sold & & $68,742 \\ \hline \end{tabular} (To record Cost of Goods Sold reversed) \begin{tabular}{|l|l|r|r|} \hline & & & \\ \hline Dec 31 & Bad Debt Expense & $17,508 & \\ \hline & Allowance for Doubtful Accounts & & $17,508 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline \multicolumn{3}{|c|}{ (To record Bad Debt Expense incurred) } \\ \hline & \multicolumn{1}{|c|}{ De } & \\ \hline Dec 31 & Insurance Expense & $5,600 & \\ \hline & Prepaid Insurance & & $5,600 \\ \hline \end{tabular} (To record Income Tax Expense incurred)

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