Which of the following entries is necessary to close the appropriate depreciation account at the...
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Accounting
Which of the following entries is necessary to close the appropriate depreciation account at the end of the year? Jackson Services Company earned revenues of $107,000, incurred expenses of $114,000. The owner made withdrawals of $10,000. There were no new capital contributions during the year. The company is a sole proprietorship. Which of the following statements is correct? O A. Jackson, Capital will decrease $17,000 Which of the following entries is necessary to close the appropriate depreciation account at the end of the year? Jackson Services Company earned revenues of $107,000, incurred expenses of $114,000. The owner made withdrawals of $10,000. There were no new capital contributions during the year. The company is a sole proprietorship. Which of the following statements is correct? O A. Jackson, Capital will decrease $17,000
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