Cullumber Consulting has year-end account balances of Sales Revenue $541,400, Interest Revenue $2,500, Salary and Wages Expense $246,400, Rent Expense $142,000, Administrative Expense $67,800, Income Tax Expense $32,000, and Dividends $34,000. Prepare the year-end closing entries.

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A:

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Q: After all closing entries are recorded and posted, what is the balance of the contributed capital…

A: Answer:

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A: Account Titles and Explanation Debit Credit Income Summary $822,400…

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