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MTS Corporation earned revenues of $328000, incurred expenses of $194000, and paid dividends of $50000. When Income Summary is closed to Retained Earnings, the
MTS Corporation earned revenues of $328000, incurred expenses of $194000, and paid dividends of $50000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a O credit of $84000. O credit of $134000. O debit of $134000. O debit of $84000.
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
