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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 62
Which of the following journal entries is required to close the Income Summary account of a profitable company
a.ebit Income Summary, credit Retained Earnings.
b.redit Income Summary, debit Retained Earnings.
c.ebit Income Summary, credit Capital Stock.
d.redit Income Summary, debit Capital Stock.
a.ebit Income Summary, credit Retained Earnings.
b.redit Income Summary, debit Retained Earnings.
c.ebit Income Summary, credit Capital Stock.
d.redit Income Summary, debit Capital Stock.
Explanation
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Accrual basis of Accounting refers to th...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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