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Question - ABB company has the below information in its Income Statement at the end of the year 2021. For recording the closing entries, Income Summary account is created and used.
Salaries Expenses $34,800
Utilities Expenses $8,500
Depreciation Expense $4,500
Owner's drawings $3,000
Owner's capital $105,000
Service revenue $345,600
Based on the above information, provide the closing entries.
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