Prior to its closing, income Summary had total debits of $815,000 and total credits of $1,280,000. Briefly

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Prior to its closing, income Summary had total debits of $815,000 and total credits of $1,280,000. Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $815,000 and the $1,280,000.

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Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

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

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Question Posted: Oct 14, 2011 05:00 AM

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Prior to its closing, income Summary had total debits of $815,000 and total credits of $1,280,000. Briefly

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Financial and Managerial Accounting

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