Question
If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is: Multiple Choice a
If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is: Multiple Choice a debit to Income Summary and a credit to Fees Income. a debit to Income Summary and a credit to Capital. a debit to Capital and a credit to Drawing. a debit to Capital and a credit to Income Summary.
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
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