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At the begining of the year, acompanies balance sheet reported the following balances:Total Assets= $125,000; Total Liabilities=$75,000; and Owners Capital=$50,00.Durning the year thr company reported revenues of $46,000 and expenses of $30,00. In addition, the owners withdrawls for the year totaled $20,00. What would the entry be to close the expenses.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968076

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