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question closing entries with net income after all revenue and expense accounts have 4286433


Closing Entries with Net Income

After all revenue and expense accounts have been closed at theend of the Fiscal year, Income summary has a debit of 490,750 and acredit of 613,400. At the same date , Mr. Lewis Capital has acredit balance of 833,600 , and Mr. Lewis , Drawing has a balanceof 55,000.

A. Journalize the entries required to (1) close net income ornet loss and (2) close the drawing sccount

  1._____________         __________________

    ______________                                                         _________________.

2.______________         __________________

   ______________                                                          __________________

B. Determine the amount of Mr. Lewis, Capital at the end of theperiod _______________ .

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