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A local bakery, Another One Bites the Crust, had revenues of $500,000 and expenses of $200,000 during the year. The accountant has done step 1
A local bakery, Another One Bites the Crust, had revenues of $500,000 and expenses of $200,000 during the year. The accountant has done step 1 and 2 and closed the revenues and expenses to income summary. In closing income summary to retained earnings (Step #3), what would the accountant book for Income Summary? Enter a positive number for a DR. to income summary and a negative number (i.e. - 10,000) for a CR. to income summary. Do not use $ signs in your final
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