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Business, 25.08.2021 01:00 nikolevargas89

On December 31, Griffin Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash 18,160 Accounts Receivable 9,540 Prepaid Rent 6,090 Equipment 46,400 Accumulated Depreciation 8,400 Accounts Payable 39,590 Capital Stock 23,300 Retained Earnings 20,100 Dividends 14,700 Sales 68,600 Sales Discounts 1,210 Sales Returns and Allowances 830 Cost of Goods Sold 41,160 Selling Expenses 10,500 General and Administrative Expenses 11,400 159,990 159,990 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary.

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