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For the year ended December 31, a company had revenues of $195,000 and expenses of $117,000. The owner withdrew $39,000 during the year. Which of
For the year ended December 31, a company had revenues of $195,000 and expenses of $117,000. The owner withdrew $39,000 during the year. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $78,000; credit Owner's, Capital $78,000. Debit Owners Capital $39,000; credit Owner Withdrawals $39,000. Debit revenues $195,000; credit Income Summary $195,000. Debit Income Summary $117,000, credit expenses $117,000. Debit Income Summary $195,000; credit revenues $195,000.
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