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Prepare the closing entries for the Sales Revenue account, assuming a balance of $160,000 and the Cost of Goods Sold account with a $126,080 balance.

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Prepare the closing entries for the Sales Revenue account, assuming a balance of $160,000 and the Cost of Goods Sold account with a $126,080 balance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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