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Assume that sales for the month were $5,000 and that total expenses were $3,000. Net income is $2,000. Using these figures, what is the closing entry to close out the expenses located in the general ledger?

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Assume that sales for the month were $5,000 and that total expenses were $3,000. Net income is $2,000. Using these figures, what is the closing entry to close out the expenses located in the general ledger?






 
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