Sarah and Allison have been partners for more than 10 years in their bakery. They invested equal

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Sarah and Allison have been partners for more than 10 years in their bakery. They invested equal amounts to open up the business. After all these years, they would like to close the books. If the total amount in the Income Summary is $50,000, prepare the entries needed for Sarah and Allison to close the Income Summary account and also their capital accounts. LO5

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Hospitality Financial Accounting

ISBN: 9780471270553

1st Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel, Agnes L DeFranco

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