Which of the following journal entries is required to close the Income Summary account of a profitable

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Which of the following journal entries is required to close the Income Summary account of a profitable company?

a. Debit Income Summary, credit Retained Earnings.

b. Credit Income Summary, debit Retained Earnings.

c. Debit Income Summary, credit Capital Stock.

d. Credit Income Summary, debit Capital Stock.

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Financial Accounting

ISBN: 9780077328702

15th Edition

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

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Question Posted: May 13, 2024 10:00 AM

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Which of the following journal entries is required to close the Income Summary account of a profitable

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Financial Accounting

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