Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.
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Explanation: of $2,350,000 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balan
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