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Superior Essex, has performed different activities during the current year. The annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. Required: You are required to record the entry to close the Income Summary account at the end of the year after
Superior Essex, has performed different activities during the current year. The annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000.
Required:
You are required to record the entry to close the Income Summary account at the end of the year after revenue and expense accounts have been closed.
Expert Answer
Entry to close income summary acco
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