After the revenue and expense accounts were closed into Income Summary on December 31, 2019, the Income
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After the revenue and expense accounts were closed into Income Summary on December 31, 2019, the Income Summary account showed a net loss for the year of $50,000. Prepare the general journal entry to close the Income Summary account.
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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