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At the end of the accounting period, but before closing entries are made, Harry, the proprietor of Harry's Bar and Grill, has a debit balance
At the end of the accounting period, but before closing entries are made, Harry, the proprietor of Harry's Bar and Grill, has a debit balance of $24,500 in his drawing account and a credit balance of $72,300 in his capital account. Which of the following statements is true? O c. In closing, Harry will debit the capital account for $24,500 and credit the drawing account for $24,500. O a. Harry's net income was $47,800. O b. In closing, Harry will debit the drawing account for $24,500 and credit the capital account for $24,500. O d. Harry's retained earnings account was $47,800
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