Close the revenue accounts as necessary

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Reference no: EM13777491

The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $265,000; sales revenue, $880,000; cost of goods sold, $580,000; salaries expense, $155,000; rent expense, $49,000; and interest expense, $24,000.

1. Close the revenue accounts as necessary

2. Close the expense accounts as necessary

3. Close net income

Reference no: EM13777491

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