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50 125 24. Prepare closing entries from the following information on the Warner Books worksheet adjustedt balance columns. (1
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Warner Books
In closing entries all revenue and expenses account is closed with income summary account. Then income summary and owner withdrawals account will be closed with owner's capital account.
Account Debit Credit
Sales                                                     90.00
Purchases Returns and allowances                                                        8.00
Purchases Discount                                                        4.00
Income Summary     102.00
Income Summary                                                     81.00
Sales Returns and allowances          8.00
Sales Discount          4.00
Purchases        50.00
Freight In          3.00
Sales salaries expense        12.00
Office salaries expense          4.00
Income Summary                                                     27.00
Werner, Capital        27.00
Werner, Capital                                                     25.00
Werner, withdrawals        25.00
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