On December 31, the Income Summary account of Davidson Company has a debit balance of $111,000 after
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On December 31, the Income Summary account of Davidson Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Jackson Davidson, Drawing has a debit balance of $12,000 and Jackson Davidson, Capital has a credit balance of $179,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Jackson Davidson, Capital?
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 9781265647308
6th Edition
Authors: M. David Haddock, John Price, Michael Farina
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