Prior to its closing, Income Summary had total debits of $432,200 and total credits of $572,600. Briefly

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Prior to its closing, Income Summary had total debits of $432,200 and total credits of $572,600. Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $432,200 and the $572,600.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Aug 27, 2011 08:07 AM

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Prior to its closing, Income Summary had total debits of $432,200 and total credits of $572,600. Briefly

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Income summary is a temporary account that is only used during the ...View the full answer

Accounting

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