An adjusted trial balance of a merchandiser is given below.
-Provide journal entries to close the Income Summary account and the Dividends account.
Definitions:
Revocable Living Trust
A legal document that allows an individual to specify how their assets should be managed and distributed during their life and after death, which can be altered or canceled by the grantor.
Holographic Will
A will written in the handwriting of the testator.
Domiciles
The places where individuals have their permanent homes or principal establishments, and to which, whenever they are absent, they intend to return.
Durable Power
A legal document granting someone else the authority to act on another's behalf, remaining in effect even if the granter becomes incapacitated.
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