Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance. А. Income Summary 281,000 Service Revenue 281,000 В. Automobile Expense 17,000 Insurance Expense 26,000 Salaries Expense 191,000 Supplies Expense 18,800 Income Summary 252,800 С. Retained Earnings 263,000 Income Summary 263,000 D. Dividends 14,000 Retained Earnings 14,000 If an amount box does not require an entry, leave it blank.

2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,196,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. PAGE 10   JOURNAL ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3                 4                 5                 6                 7                 8                 9                 10                 11                 12                 13                 14…

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Question Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123