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A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings. After the closing process is complete, what is the balance of ending retained earnings? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit). Supplies Expense 4,655 Service Revenue 51,302 Accounts Payable 6,735 Salaries Expense 10,556 Dividends 1,320 Equipment 65,914 Accumulated 21,539 Depreciation Depreciation 3,333 Expense Retained Earnings 106,621
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