Answer:
Using the adjusted balances, give the closing entry for the current year.
Explanation:
1
Db Insurance expense 6000
Cr Prepaid expenses 6000
2
Db Wages payable 4000
Cr Cash 4000
3
Db Depreciation expense 9000
Cr Accumulate depreciation 9000
4
Db Income tax expense 7000
Cr Tax payable 7000
55 x 10^9 hope this helped :D
Answer:
Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.
Explanation: