Closing Entries - The balance of the Manufacturing Summary...

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CLOSING ENTRIES The closing entries are different for manufacturing and merchandising companies. Manufacturing companies use a Manufacturing Summary account to close all accounts that appear in the cost of goods manufactured schedule.
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Unformatted text preview: The balance of the Manufacturing Summary account is the Cost of Goods Manufactured for the period. Manufacturing Summary is then closed to Income Summary....
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This note was uploaded on 12/25/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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