Closing entries may be prepared by referring to the Income Statement columns and the Dividends column of the work sheet.

Name: Closing entries may be prepared by referring to the Income Statement columns and the Dividends column of the work sheet.
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Closing entries for revenues and expenses are made based on the amounts in the Income Statement columns of the work sheet. The Dividends column may also be used to make the closing entry for dividends.

Closing Entries May Be Prepared by Referring to the Income