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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 45
Closing entries
Prior to its closing, Income Summary had total debits of $1,190,500 and total credits of $1,476,300.
Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $1,190,500 and the $1,476,300.
Prior to its closing, Income Summary had total debits of $1,190,500 and total credits of $1,476,300.
Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $1,190,500 and the $1,476,300.
Explanation
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Closing entries:
Closing entries are th...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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