The business is organized legally as a partnership and therefore doesn't pay income tax. (A partnership's annual taxable income or loss is passed through to its partners who pick up their share of profit or loss in their individual income tax returns.) Year-end adjusting entries have been recorded and posted, and the business's revenue and expense accounts are provided here. What closing entry is recorded?
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Cost of Goods Sold Expense
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$687,500
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Selling & Administrative Expenses
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$674,300
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