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Explain please. BE5-7 Prepare closing entries for accounts. (LO 4) Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts S2,000, Cost of

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BE5-7 Prepare closing entries for accounts. (LO 4) Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts S2,000, Cost of Goods Sold S117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary

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