High Step Shoes had annual revenues of $204,000, expenses of $113,200, and dividends of $25,600...
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Accounting
High Step Shoes had annual revenues of $204,000, expenses of $113,200, and dividends of $25,600 during the current year. The retained earnings account before closing had a balance of $316,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is
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