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Closing Entries
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Problem 10
Closing Entries
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3. Accrual Accounting Concepts / Closing Entries / Problem 10
Problem 10
A company has the following expenses: Rent \$1,200, Salaries \$2,500, Utilities \$300. What is the total debit to the Income Summary account during closing?
A
\$4,500
B
\$4,000
C
\$4,200
D
\$3,800
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