A company incurred a loss during their MOST recent accounting period. The journal entry to close out their income summary account would include a A:
A company incurred a loss during their MOST recent accounting period. The journal entry to close out their income summary account would include a
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A: debit to Income Summary and a credit Owners Capital.
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B: debit Owners Capital and credit Income Summary.
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C: debit Net Loss and credit Income Summary.
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D: debit Income Summary and credit Net Loss.
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Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
