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Data for the closing entries of Thompson Company are shown below.
Factory overhead, debit and credit balance
$216,850
Sales
842,750
Interest revenue
1,400
Cost of goods sold
583,640
Wages expense
102,400
Office supplies expense
3,740
Depreciation expense-office equipment
6,230
Utilities expense-office
5,485
Bad debt expens
2,350
Advertising expense
9,350
Interest expense
8,420
Income tax expense
29,370
Cash dividends
16,000
Prepare closing journal entries for Thompson Company for the year ended December 31.
Explain how much will net income change if sales increase by 5,000 units.
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