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On December 31, the Income Summary account of Madison Company has a debit balance of...

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Accounting

On December 31, the Income Summary account of Madison Company has a debit balance of $23,000 after revenue of $25,000 and expenses of $48,000 were closed to the account. Madison Wells, Drawing has a debit balance of $2,600 and Madison Wells, Capital has a credit balance of $44,000

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