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Prepare the four closing entries: 1. Record to close revenue to the income summary. 2. Record to close expense accounts to income summary. 3. Record
Prepare the four closing entries:
1. Record to close revenue to the income summary.
2. Record to close expense accounts to income summary.
3. Record to close income summary to capital.
4. Record to close withdrawals to capital.
Credit $ 8,650 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit 101 Cash $ 4,000 106 Accounts receivable 8,900 153 Trucks 28,000 154 Accumulated depreciation, trucks 193 Franchise 13,600 201 Accounts payable 209 Salaries payable 233 Unearned revenue 301 Angel Zhang, capital 302 Angel Zhang, withdrawals 10,000 401 Plumbing revenue 611 Depreciation expense, trucks 5,300 622 Salaries expense 18,200 640 Rent expense 3,400 677 Advertising expense 7,300 901 Income summary Totals $98,700 10,000 3,600 1,200 31,200 44,050 $ 98,700Step by Step Solution
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