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Given the Following Adjusted Account Balances in Random Order, Prepare

Question 99

Essay

Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2019.  Cash 35,000 Suzie Sheer, Capital 85,000 Accounts payable 33,000 Service revenue 84,000 Amortization expense-building 12,000 Salary expense 29,000 Unearned service revenue 24,000 Prepaid rent 9,000 Supplies expense 6,000 Note payable 71,000 Land 65,000 Accounts receivable 32,000 Accum. amortization-building 12,000 Interest revenue 14,000 Interest payable 3,000 Suzie Sheer, Withdrawals 20,000 Rent expense 15,000 Building 95,000 Supplies 4,000 Interest expense 4,000\begin{array} { l r } \text { Cash } & 35,000 \\\text { Suzie Sheer, Capital } & 85,000 \\\text { Accounts payable } & 33,000 \\\text { Service revenue } & 84,000 \\\text { Amortization expense-building } & 12,000 \\\text { Salary expense } & 29,000 \\\text { Unearned service revenue } & 24,000 \\\text { Prepaid rent } & 9,000 \\\text { Supplies expense } & 6,000 \\\text { Note payable } & 71,000 \\\text { Land } & 65,000 \\\text { Accounts receivable } & 32,000 \\\text { Accum. amortization-building } & 12,000 \\\text { Interest revenue } & 14,000 \\\text { Interest payable } & 3,000 \\\text { Suzie Sheer, Withdrawals } & 20,000 \\\text { Rent expense } & 15,000 \\\text { Building } & 95,000 \\\text { Supplies } & 4,000 \\\text { Interest expense } & 4,000\end{array}

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