Koontz & Sons Company, Inc., has a net income for the current year. The entry to close the company's Income Summary account would be:
A) Debit Income Summary; Common Stock
B) Debit Income Summary; credit Retained Earnings
C) Debit Common Stock; credit Income Summary
D) Debit Retained Earnings; credit Income Summary
Correct Answer:
Verified
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Q76: The Income Summary account:
A) Appears in a
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Q82: The post-closing trial balance shows amounts for:
A)
Q83: Which of the following accounts should appear
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