Business, 07.06.2020 02:01 jcastronakaya

Desert, Inc. has year-end account balances as of December 31, 2020 of Sales Revenue $907,000; Interest Revenue $24,000; Cost of Goods Sold $593,000; Administrative Expenses $188,000; Income Tax Expense $31,000; Dividends $18,000, Unrealized Pension Liability Adjustments of $21,500 (dr) and a correction of an error in recording Depreciation Expense for 2018 of $12,000 (dr). To prepare the year-end closing entry required to close the Income Summary account, Desert would record a:

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Desert, Inc. has year-end account balances as of December 31, 2020 of Sales Revenue $907,000; Intere...

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