Orlaida Company has the following merchandise account balances: Sales Revenue $192,000, Sales Discounts $2,000, Cost of Goods

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Orlaida Company has the following merchandise account balances: Sales Revenue $192,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary.

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Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Dec 29, 2012 04:02 AM

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Orlaida Company has the following merchandise account balances: Sales Revenue $192,000, Sales Discounts $2,000, Cost of Goods

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Financial and managerial accounting

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