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    Financial Accounting Study Set 31
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    Exam 4: Completing the Accounting Cycle
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    Sebastien Company Earned Net Income of $44,000 During 2021
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Sebastien Company Earned Net Income of $44,000 During 2021

Question 1

Question 1

Essay

Sebastien Company earned net income of $44,000 during 2021.The company paid dividends totalling $20,000 during the period.Prepare the entries to close Income Summary and the Dividends account.

Correct Answer:

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