The ledger of FCC Company includes the following accounts with normal balances: Common Stock, $12,800; Retained...
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The ledger of FCC Company includes the following accounts with normal balances: Common Stock, $12,800; Retained Earnings $4,541; Dividends, $1,500; Services Revenue, $55,000; Wages Expense, $16,600; and Rent Expense, $5,200. What amount will be debited to the income summary and credited to the retained account to close out the income summary account? The ledger of FCC Company includes the following accounts with normal balances: Common Stock, $12,800; Retained Earnings $4,541; Dividends, $1,500; Services Revenue, $55,000; Wages Expense, $16,600; and Rent Expense, $5,200. What amount will be debited to the income summary and credited to the retained account to close out the income summary account?
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To close out the Income Summary account we need to transfer the net income or net loss to the Retain... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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