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Prasad Pasta Manufacturing has the following merchandise account balances: Sales $180,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory $40,000. Prepare the

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Prasad Pasta Manufacturing has the following merchandise account balances: Sales $180,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary

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