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Prepare the two closing entries. \begin{tabular}{|c|c|} \hline Cash & $2,650...

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Accounting

Prepare the two closing entries.
image
\begin{tabular}{|c|c|} \hline Cash & $2,650 \\ \hline Accounts receivable & $91,080 \\ \hline Prepaid Insurance & $2,650 \\ \hline Accumulated Depreciation - Equipment & $5,700 \\ \hline Inventory & $62,150 \\ \hline Chris Clark, Capital & $153,800 \\ \hline Chris Clark, Retreats & $18,000 \\ \hline Sales & $708,255 \\ \hline Cost of Sold & $520,305 \\ \hline Salaries Expenses - Sale & $53,430 \\ \hline Advertising Expenses & $10,860 \\ \hline Depreciation expense & $3,100 \\ \hline Freight costs & $2,800 \\ \hline Miscellaneous expenses & $630 \\ \hline Salary expenses - Office & $21,020 \\ \hline Rental expenses & $8,100 \\ \hline Depreciation expense & $2,490 \\ \hline Insurance Expenses & $1,910 \\ \hline Office expenses & $610 \\ \hline Miscellaneous expenses & $760 \\ \hline Rental income & $600 \\ \hline Interest expense & $2,440 \\ \hline \end{tabular}

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