Question
Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is credit
Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is
credit Income Summary $12,000, debit Retained Earnings $12,000.
credit Income Summary $12,000, debit Dividends $12,000.
debit Income Summary $12,000, credit Dividends $12,000.
debit Income Summary $12,000, credit Retained Earnings $12,000
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Financial & Managerial Accounting For Undergraduates
Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews
2nd Edition
161853310X, 9781618533104
