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Journalize the entries required to complete the closing

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Question - All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The income summary account has total debits of 530,000 and total credits of 600,000. As the same date owners capital has a balance of 115,000, and owner's drawing has a balance of 48,000.

Required - Journalize the entries required to complete the closing of the accounts?

Reference no: EM132622260

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