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Gamma Corporation is completing the end-of-year closing process. What journal entry (entries) will Gamma make to close the accounts (1) Accounts Payable and (2)
Gamma Corporation is completing the end-of-year closing process. What journal entry (entries) will Gamma make to close the accounts (1) Accounts Payable and (2) Supplies Expense? O (1) Debit Income Summary, Credit Accounts Payable, and (2) Debit Income Summary, Credit Supplies Expense O (1) Debit Income Summary, Credit Accounts Payable, and (2) No closing journal entry is required O(1) No closing journal entry is required, and (2) Debit Income Summary, Credit Supplies Expense O (1) Debit Accounts Payable, Credit Income Summary, and (2) Debit Income Summary, Credit Supplies Expense
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