Following are selected accounts and their balances for a company

| April 14, 2018

) Following are selected accounts and their balances for a company after all adjustments as of Dec 31, the end of its fiscal year. All accounts have normal balances.M. Mandel, Capital$11,400M. Mandel, Withdrawals$4,000Fees Earned$25,000Salaries Expense$10,000Insurance Expense$1,500Prepaid Insurance$2,400Accounts Payable$1,250Equipment$18,000Depreciation Expense$1,800 Prepare all necessary closing entries for this company.2) Following are selected accounts and their balances for a company after the adjustments as of July 31, the end of its fiscal year. All accounts have normal balances.K. Taylor, Capital$13,000K. Taylor, Withdrawals$5,000Fees Earned$25,000Salaries Expense$6,500Utilities Expense$250Rent Expense$500Accounts Payable$1,500Supplies$300Depreciation Expense$2,000 Prepare all necessary closing entries for this company.Prepare all necessary closing entries for this company.

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