To close the Income Summary account of a corporation with a net loss, the balance is closed

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To close the Income Summary account of a corporation with a net loss, the balance is closed into the

a. Retained Earnings account with a debit.

b. Retained Earnings account with a credit.

c. Account which caused the net loss with a debit.

d. None of the above

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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 13, 2022 12:17 AM

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To close the Income Summary account of a corporation with a net loss, the balance is closed

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Next if the Income Summary has a credit balance the amount is the companys net i...View the full answer

Glencoe Accounting First Year Course

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