The entry to close Income Summary (net loss) to Capital was omitted. This error will cause:
A) no error in the ending capital balance.
B) the ending capital to be understated.
C) the ending capital to be overstated.
D) None of these is correct.
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Question
The entry to close Income Summary (net loss) to Capital was omitted. This error will cause:
A) no error in the ending capital balance. B) the ending capital to be understated. C) the ending capital to be overstated. D) None of these is correct.
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