Answer the following questions: Requirements 1. What type of normal balance does the Retained earnings account havedebit
Question:
Requirements
1. What type of normal balance does the Retained earnings account have—debit or credit?
2. Which type of income statement account has the same type of balance as the Retained earnings account?
3. Which type of income statement account has the opposite type of balance as the Retained earnings account?
4. What do we call the difference between total debits and total credits on the income statement? Into what account is the difference figure closed at the end of the period?
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Req 1 The Retained earnings account has a credit balance Req 2 The income ...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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