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Home Q & A Board Other Fields Homework Help Business Accounting
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LiChan LiChan
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7 years ago
During the closing process the income summary account had $150,000 posted from closing the sales accounts, $155,000 posted from closing the expense accounts. What is the entry to close the income summary account?
A) Stockholders' equity   5,000
   Income summary   5,000
B) Retained earnings   5,000
   Income summary   5,000
C) Income summary   5,000
   Retained earnings   5,000
D) Income summary   5,000
   Stockholders' equity   5,000
Textbook 
Survey of Accounting: Making Sense of Business

Survey of Accounting: Making Sense of Business


Edition: 1st
Author:
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mourningbirdmourningbird
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7 years ago
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LiChan Author
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#2
7 years ago
Flippin awesome
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#3
7 years ago
Happy to help, please mark as solved
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