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Below are excerpts from the work sheets of two businesses as at March 31, 2023....

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Accounting

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Below are excerpts from the work sheets of two businesses as at March 31, 2023. Those rowis that calculate totals are at the bottom of the last two sets of columns. 'The adjusted balances in withdrawals and capital were $17,000 and $63,000, respectively. *The adjusted balances in withdrawals and capital were $0 and $114,000, respectively. Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2023. 2. Prepare the entry to close the Income Summary account to capital. Journal entry worksheet Record to close the income summary account to capital. Note: Enter debits before credits. 3. Calculate the post-closing balance in capital at March 31, 2023

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