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After closing the temporary owners' equity accounts into Income Summary, and after allocat capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis

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After closing the temporary owners' equity accounts into Income Summary, and after allocat capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis the amount entered in McGinnis's capital account would be a a. $55,000 debit. b. $55,000 credit. C. $50,000 credit. d. $5,000 credit. Based on this information, prepare the stockholders' equity section of the Higbie Auto Inc. balance sheet After closing the temporary owners' equity accounts into Income Summary, and after allocat capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis the amount entered in McGinnis's capital account would be a a. $55,000 debit. b. $55,000 credit. C. $50,000 credit. d. $5,000 credit. Based on this information, prepare the stockholders' equity section of the Higbie Auto Inc. balance sheet

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