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Please show calculation. Thank You The ledger of Cranston Corporation has the following account balances at the...

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Accounting

Please show calculation. Thank You

The ledger of Cranston Corporation has the following accountbalances at the company's first year end of October 31, 2018.

Accounts payable$  3,210Prepaid rent$  3,070
Accounts receivable4,810Rent expense730
Accumulated depreciation5,250Salaries expense7,060
Bank loan payable7,300Salaries payable1,310
Cash17,160Service revenue13,730
Common shares22,300Supplies2,400
Depreciation expense1,750Supplies expense630
Dividends declared420Unearned revenue3,020
Equipment17,500Utilities expense500
Interest expense300
Interest payable210

Prepare the closing entries at October 31, 2018.

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Solution

Closing Entries
Date Accounts and Explanations Debit Credit
31-Oct Service Revenue   $13,730.00
               Income Summery $13,730.00
(Revenue accounts closed)
31-Oct Income Summery $10,970.00
Depreciation expense $1,750.00
Salaries expense $300.00
Rent expense $730.00
Interest expense $7,060.00
Supplies expense $630.00
Utilities expense $500.00
(Expenses Accounts closed)
31-Oct Income Summery $2,760.00
                  Retained earnings $2,760.00
(Income summery transferred to Retained earnings)
31-Oct Retained Earnings $420.00
        Dividends $420.00
(To close Dividend account)

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