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The first two closing entries to the Income Summary account indicate a debit of $57,750 and a credit of $69,700. The third closing entry would be: Multiple Choice debit Income Summary $11,950; credit Drawing $11,950. debit Revenue $69,700; credit Expenses $57,750. debit Income Summary $11,950; credit Capital $11,950. debit Capital $11,950; credit Income Summary $11,950.
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The first two closing entries to the Income Summary account indicate a debit of $57,750 and a credit...
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