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Exercise 6 . 9 ( Static ) Closing entries. LO 6 - 1 On December 3 1 , the Income Summary account of Johnson Company
Exercise Static Closing entries. LO
On December the Income Summary account of Johnson Company has a Credit
balance of $ after revenue of $ and expenses of $ were
closed to the account. Gloria Johnson, Drawing has a debit balance of $ and
Gloria Johnson, Capital has a credit balance of $
Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Gloria Johnson, Capita?
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Required
Record the journal entries necessary to complete closing the accounts.
Journal entry worksheet
Record the closing entry for the balance of income summary.
Note: Enter debits before credits.
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