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question wilderness guide services inc performs adjusting entries everymonth but clo 4288288

Question

Wilderness Guide Services, Inc., performs adjusting entries everymonth, but closes its accounts only at year-end. The company'syear-end adjusted trial balance dated December 31, 2015, follows:WILDERNESS GUIDE SERVICES, INC. Adjusted Trial Balance December 31,2015 Cash $ 12,200 Accounts receivable 31,000 Camping supplies7,900 Unexpired insurance policies 2,400 Equipment 70,000Accumulated depreciation: equipment $ 60,000 Notes payable (due4/1/16) 18,000 Accounts payable 9,500 Capital stock 25,000 Retainedearnings 15,000 Dividends 1,000 Guide revenue earned 102,000 Salaryexpense 87,500 Camping supply expense 1,200 Insurance expense 9,600Depreciation expense: equipment 5,000 Interest expense 1,700 $229,500 $ 229,500 a. Prepare all necessary closing entries atDecember 31, 2015. (If no entry is required for atransaction/event, se b.Prepare an after-closing trial balancedated December 31, 2015.

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