. MTS Corporation earned revenues of $339000, incurred expenses of $206000, and paid dividends of $42000. When...

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MTS Corporation earned revenues of $339000, incurred expenses of $206000, and paid dividends of $42000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a MTS Corporation earned revenues of $339000, incurred expenses of $206000, and paid dividends of $42000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a

Answer rating: 100% (QA)

Answer In this scenario the closing entry for Income Summary to Retained Ear... View the full answer