Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the journal entry to close

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Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the journal entry to close the Income Summary account to the P. Mehta, Capital account. The accounting period ends December 31.

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Question Posted: Mar 26, 2014 07:59 AM

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Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the journal entry to close

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Dec 31 Income Summar...View the full answer

Principles of Accounting

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