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Current Attempt in Progress
Sheffield Company has the following account balances: Sales Revenue $192,700, Sales Discounts $2,710
$128,400, and Inventory $55,200.
Prepare the entries to record the closing of these items to Income Summary under the perpetual inventa
before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent ma
select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
(To close accounts with credit balances)
Debit
Credit