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Assuming the Kreditor/ Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice dr. Income
Assuming the Kreditor/ Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice dr. Income Summary 20,000 cr. Kreditor, Drawings 10,000 cr. Marble, Drawings 10,000 cr. Income Summary 20,000 cr. Retained Earnings 20,000
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