Prior to its closing, Income Summary had total debits of $279,615 and total credits of $392,750. Briefly

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Prior to its closing, Income Summary had total debits of $279,615 and total credits of $392,750.
Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $279,615 and the $392,750.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 01:29 AM

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Prior to its closing, Income Summary had total debits of $279,615 and total credits of $392,750. Briefly

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