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Unformatted text preview: $ 440 Interest Expense $ 60 Income Tax Expense $ 273 Total Expense $6,733 Net Income $1,427 3. Prepare GCIs closing journal entries. Dec. 31 Service Revenue $8,160 Income Summary $8,160 (To close revenue account) Dec. 31 Income Summary $6,733 Wages Expense $4,300 Fuel Expense $ 410 Insurance Expense $1,250 Depreciation Expense $ 440 Interest Expense $ 60 Income Tax Expense $ 273 (To close expense accounts) Dec. 31 Income Summary $1,427 Retained Earnings $1,427 (To close net income to retained earnings) Dec. 31 Retained Earnings $ 800 Dividends $ 800 (To close dividends to retained earnings)...
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This note was uploaded on 10/03/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Spring '10 term at Wayne State University.
- Spring '10
- Balance Sheet