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A company has the following selected account balances. They are now doing their closing entries. This company uses an income summary account to close
A company has the following selected 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. During the closing process, what is the total dollar amount initially CREDITED to income summary? (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 4,882 Service Revenue 66,202 Accounts Payable 5,681 Salaries Expense 11,715 Dividends 1,563 Equipment 70,082 Accumulated 20,790 Depreciation Depreciation Expense 3,059 Retained Earnings 102,626
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