A newly formed company has had a successful first year of operations and posted net income on
Question:
A newly formed company has had a successful first year of operations and posted net income on its books. The accounting records reflect this fact because:
(a) The Retained Earnings account has a credit balance.
(b) Expenses are closed to the Income Summary with a credit.
(c) The Retained Earnings account has a debit balance.
(d) Sales Revenue is closed to the Income Summary with a debit.
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a The Retained Earnings account has a credit balance This option is co...View the full answer
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Related Book For 
Financial Accounting For Management
ISBN: 9789385965661
4th Edition
Authors: Neelakantan Ramachandran, Ram Kumar Kakani
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