Refer to the work sheet prepared in Exercise 4-6. Prepare the adjusting and closing journal entries. The

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Refer to the work sheet prepared in Exercise 4-6. Prepare the adjusting and closing journal entries.

The Income Statement column totals on a work sheet prepared at December 31, 2012, are debit,

$500,000; and credit, $900,000. In T-account format, show how the postings to the Income

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