When a net loss has occurred, Income Summary is: a . Debited and Owner's Capital is credited.

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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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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

Question Posted: Jun 24, 2022 07:30 AM

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When a net loss has occurred, Income Summary is: a . Debited and Owner's Capital is credited.

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Accounting Principles

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