The following accounts and normal balances existed at year-end. Make the four journal entries required to close
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The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
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Automobile expense Dividends Insurance expense Office expense Sales revenue Wage expenses $ 9,000 6,000 7,500 14,000 120,000 60,000
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To close Automobile expense to Income Summary Debit Income Summary 9000 Credit Automobile expense 90...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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