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Hudson company has the following account balances: Sales Revenue $219,500 Sales Discounts $2,310 Cost of Goods Sold $127,500 and Inventory $45,100. Prepare the entries to
Hudson company has the following account balances: Sales Revenue $219,500 Sales Discounts $2,310 Cost of Goods Sold $127,500 and Inventory $45,100. Prepare the entries to record the closing of these items to Income Summary.
To close accounts with credit balances
To close accounts with debit balances
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