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Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6,3-7)...

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Accounting

Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6,3-7)
The year-end financial statements of Monarch Financial Services are provided below.
Required:
Record year-end closing entries.
Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.)
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