The following data were taken from the accounting records of Lorenzo Company. Ex
ID: 1252458 • Letter: T
Question
The following data were taken from the accounting records of Lorenzo Company. Except where indicated, the balances are as ofDecember 31, 2011before closing entries have been made.
Service revenue 29,000
Retained earnings,January 1, 2011 37,260
Salaries expense 12,500
Other operating expense 6,700
Common stock 43,000
Cash flow from operating activities 8,400
Dividends 2,000
Insurance expense 800
Rent expense 6,000
Unearned revenue 3,600
List the accounts that should be closed at the end of 2011.
Explanation / Answer
Service Revenue Salaries Expense Rent Expense Dividends
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