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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 the
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 | 4,742 |
Service Revenue | 47,215 |
Accounts Payable | 5,356 |
Salaries Expense | 10,505 |
Dividends | 1,723 |
Equipment | 50,226 |
Accumulated Depreciation | 20,397 |
Depreciation Expense | 3,262 |
Retained Earnings | 109,434 |
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