The Maximo Business shows the following amounts in its owner's equity accounts at the end of December:

Question:

The Maximo Business shows the following amounts in its owner's equity accounts at the end of December: R. Maximo, Capital, \(\$ 45080\); Revenues, \(\$ 80220\); Expenses, \(\$ 59920\).

Required:

Set up the account balances in account columns and prepare summary closing entries at the end of December.

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Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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