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A companies ledger accounts and their end-of-period balances before closing entries are posted below;
WP Capital $7,000
WP Withdrawals $9,600
Revenue $29,000
Rent Expense $3,600
Salaries Expense $7,200
Insurance expense $920
Depr. Expense-equipment $500
Accum depr. -equipment $1,500
Problem 1: What amount will be posted to WP Capital, in the process of closing the income summary account assuming all accounts have normal balances?
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in generating theories of accounting based upon what accountants actually do it is unspecified often implicitly that
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