James Service Company earned revenues of $100,000 and incurred expenses of $107,000.Prepare the entry to close the Income Summary account.

Name: James Service Company earned revenues of $100,000 and incurred expenses of $107,000.Prepare the entry to close the Income Summary account.
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The Answer of James Service Company earned revenues of $100,000 and incurred expenses of $107,000.Prepare the entry to close the Income Summary account.

James Service Company Earned Revenues of $100,000 and Incurred Expenses