To close the Income Summary account of a corporation with a net loss, the balance is closed
Question:
To close the Income Summary account of a corporation with a net loss, the balance is closed into the
a. Retained Earnings account with a debit.
b. Retained Earnings account with a credit.
c. Account which caused the net loss with a debit.
d. None of the above
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Next if the Income Summary has a credit balance the amount is the companys net i...View the full answer
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Hardik Dudhat
I am semi-qualified Chemical Engineering ,I have scored centum in accounting in my senior secondary and in my graduation. I have always helped my fellow students with their concerns on the subject, i have tutored on various tutoring sites in the past and also have taken home tuitions for degree and MBA students. As a tutor, I don't want my students to just get a solution, I want them to understand the concept and never have a doubt in that area thereon and i believe in excelling and not in educating.
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