The following closing entries for Sabba Co. were made on January 31, 2014, the end of its
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Required
Use the information in the closing entries to prepare:
a. A calculation of net sales.
b. A single-step income statement for the year.
Transcribed Image Text:
Jan. 31 Sale 642,000 642,000 Income summary. To close temporory accounts with credit balances. 31 Income Summary 588,950 Sales Discounts Selling Expenses.... General and Administrative Expenses. Interest Expense 332,000 21,000 9,500 117,000 109,000 450 To close temporary accounts with debit balances.
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a 642000 21000 9500 611500 b Singlestep income statement Rev...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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