Suppose a company made the following journal entry to close its revenue accounts: Make the single journal

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Suppose a company made the following journal entry to close its 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.

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Horngrens Accounting Volume 1

ISBN: 9780135359709

11th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

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Question Posted: Mar 31, 2017 03:06 PM

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Suppose a company made the following journal entry to close its revenue accounts: Make the single journal

Question:

Nov. 30Income Summary 60,000 Service Revenue 55,000 Other Revenue 5,000 To close the revenue accounts

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Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT SINGLE ENTRY CORR...View the full answer

Horngrens Accounting Volume 1

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