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presented below are selected accounts balance for XYZ as of dec 31. all account has normal balance. prepare the closing entries.
inventory 65000
sales revenue 520000
interest expense 7000
dividends 32000
accumulated depreciation 42000
common stock 80000
sales return 15000
sales discount 13000
depreciation expense 13000
cost of goods sold 326000
selling and administrative expense 59000
prepaid insurance 33000
income tax expense 42000
dividends payable 12000
retained earnings 55000
gain on sale 8000
allowance for doubtful accounts 11000
unearned revenue 18000
prepare closing entries
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