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On December 31, Sanchez Company had the following adjusted trial balance: Account Titles Debit Credit Cash 17,400 Accounts Receivable 9,560 Prepaid Rent 6,550 Equipment 41,500
On December 31, Sanchez Company had the following adjusted trial balance: Account Titles Debit Credit Cash 17,400 Accounts Receivable 9,560 Prepaid Rent 6,550 Equipment 41,500 Accumulated Depreciation 8,600 Accounts Payable 33,480 Capital Stock 20,000 Retained Earnings 22,700 Dividends 15,700 Sales 70,200 Sales Discounts 530 Sales Returns and Allowances 1,420 Cost of Goods Sold 42,120 Selling Expenses 10,200 General and Administrative Expenses 10,000 neral and Administrative Expenses 10,000 154,980 154,980 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary. Date Account Title Debit Credit
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