if trial balance is given how to write closing entries?
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Four Steps in Preparing Closing Entries
Close all income accounts to Income Summary
Close all expense accounts to Income Summary
Close Income Summary to the appropriate capital account
Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
Close all income accounts to Income Summary
Close all expense accounts to Income Summary
Close Income Summary to the appropriate capital account
Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
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