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  3. 2) the following is the adjusted trial balance as

2) The following is the adjusted trial balance as of December 31, 2017 of Current...

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Accounting

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2) The following is the adjusted trial balance as of December 31, 2017 of Current Times Watch Inc.: Credit Debit $ 18,000 30,000 9,000 3,200 165,000 $ 12,000 88,000 8,500 45,000 Accounts Cash Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Land Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Common Stock Dividends Service Revenue Salaries Expense . Depreciation Expense-Building and Equipment Supplies Expense Insurance Expense Utilities Expense Total 12,000 2,000 25,000 100,000 21,290 25,840 325,000 63,000 6,250 15,000 14,500 23,000 $505,790 $505,790 Provide the closing entry for the Income Summary account. (10 points)

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