Answer the following questions: 1. What type of normal balance does the Retained earnings account havedebit or
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Answer the following questions:
1. What type of normal balance does the Retained earnings account have—debit or credit?
2. Which Income Statement account has the same type of balance as the Retained earnings account?
3. Which type of Income Statement account has the opposite type of balance as the Retained earnings account?
4. What do we call the difference between total debits and total credits on the Income Statement? Into what account is the difference figure closed at the end of the period?
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Related Book For 
Financial And Managerial Accounting
ISBN: 9780135080191
2nd Edition
Authors: Charles T Horngren, Jr Walter T Harrison
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