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Part 1 of 3 O Points: 0 of 2 Save Suppose a company made the following journal entry to close its revenue accounts: May 31
Part 1 of 3 O Points: 0 of 2 Save Suppose a company made the following journal entry to close its revenue accounts: May 31 Income Summary 100,000 Service Revenue Other Revenue 75,000 25,000 To close the revenue accounts. Make the single journal entry to correct this error, then show the alternative way to correct it Provide an explanation for each journal entry. Let's start with the single-entry approach. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations Debit Credit May 31 Clear All Check
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