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If the Income Summary account has a net credit balance that will be transferred to the Retained Earnings account by the closing entry, it signifies
If the Income Summary account has a net credit balance that will be transferred to the Retained Earnings account by the closing entry, it signifies that: Multiple Choice The company reported a net loss. The company reported net income. There was a reduction of net worth during the year. Dividends were declared during the year.
If the Income Summary account has a net credit balance that will be transferred to the Retained Earnings account by the closing entry, it signifies that:
Multiple Choice
The company reported a net loss.
The company reported net income.
There was a reduction of net worth during the year.
Dividends were declared during the year.
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General Accounting Financial Accounting
Authors: Bbc Kikumbi Mwepu
1st Edition
6206329488, 978-6206329480
