=+3. After adjustments and the closing of revenue and expense accounts at July 31, 2011, the end
Question:
=+3. After adjustments and the closing of revenue and expense accounts at July 31, 2011, the end of the first full year of operations, the income summary account has a credit balance of $80,000, and the drawing accounts have debit balances of $22,500
(Walker) and $30,400 (King). Journalize the entries to close the income summary account and the drawing accounts at July 31, 2011.
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