When a net loss has occurred, Income Summary is: a . Debited and Owner's Capital is credited.
Question:
When a net loss has occurred, Income Summary is:
a. Debited and Owner's Capital is credited.
b. Credited and Owner's Capital is debited.
c. Debited and Owner's Drawings is credited.
d. Credited and Owner's Drawings is debited.
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Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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