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All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Owners Capital has a balance of $115,000, and Owners Drawings has a balance of $48,000. Journalize the entries required to complete the closing of the accounts.
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