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High Step Shoes had annual revenues of $202,000, expenses of $112,200, and dividends of $24,800 during the current year. The retained earnings account before closing had a balance of $314,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
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High Step Shoes had annual revenues of $202,000, expenses of $112,200, and dividends of $24,800 duri...
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