he revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 20Y6.

College Accounting (Book Only): A Career Approach
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Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...
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he revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:

Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000

Prepare an income statement for the year ended May 31, 20Y6.

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