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l account is closed at year-end when an entry changes its balance to zero. True...

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Accounting

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l account is closed at year-end when an entry changes its balance to zero. True False Problem 1 Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Ladd opened Ladd Roofing Service on April 1. Transactions for April are as follows: April 1 Ladd contributed $15,500 of his personal funds in exchange for common stock to be the business 2 Purchased a used truck for $7,100 cash. 3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in 30 days. 4 Paid two-year premium on liability insurance, $7,000. 5 Purchased supplies on account, $1,200 6 Recelved an advance payment of $8,800 from a customer for roof repair work to be do during April and May. 7 Billed customers for roofing services, $5,500. 8 Collected $6,500 on account from customers 9 Paid bill for truck fuel used in April, $75. 10 Paid April newspaper advertising, $100 11 Paid assistants' wages, $1,500. 12 Billed customers for roofing services, $8,000. Required Record these transactions in the general journal and post to the ledger accour a

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