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Prepare the entries to close income summary and the owner

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At April 1, 2020, Spiderland Company reported a balance of $20,000 in the Owner's Capital account. Spiderland Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2020. The company had owner drawings of $10,000 during the month.

Problem 1: Prepare the entries to close Income Summary and the Owner's Drawings account at April 30, 2020.

Reference no: EM132702120

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