Identify whether the Income Summary account would be debited, credited, or not affected when making each of
Question:
Identify whether the Income Summary account would be debited, credited, or not affected when making each of the four closing entries, assuming the company has
(a) Net income for the year, and
(b) A net loss for the year.
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a Net income 1 Dr Individual revenue accounts and Cr Income Summary 2 Dr Income Summar...View the full answer
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119594574
8th Canadian Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
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