The following is a partial list of balances for the Snowden Company as of December 31 of the current year. Prepare journal entries to close the pertinent accounts, using the 2-step process. Cash $ 110,000 Accounts Receivable 94,000 Prepaid Insurance 3,200 Equipment 250,000 Accounts Payable 12,000 Common Stock 95,000 Dividends 15,000 Fees Earned 240,000 Rent Expense 40,000 Wages Expense 55,000 Insurance Expense 24,000 Miscellaneous Expense 8,400

Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree in accounting during 2018. he has never had a felony drug conviction. aiden did not provide more than half of his own support and can be claimed as a dependent by his mother. aiden’s income was $4,000 in wages working as a part-time cook at a fast food restaurant. aiden received form 1098-t indicating $5,000 for payments received for qualified tuition and related expenses in box 1. he received $8,500 in scholarships and grants, which was reported in box 5. aiden’s scholarship was used to pay for room and board, tuition, and books. the cost of his books was $845. aiden is a u.s. citizen with a valid social security number. 1. which of the following statements is true? a. the portion of the scholarship that was not used for qualified educational expenses must be included in aiden's income. b. the amount spent on books is not a qualified education expense. c. the taxable portion of the scholarship must be reported on aiden's mother’s return. d. none of aiden's scholarship is taxable.