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2. Award: 1.00 point After preparing and posting the closing entries for revenues and expenses, the income summary accou
Posted: Mon May 30, 2022 6:32 am
by answerhappygod
- 2 Award 1 00 Point After Preparing And Posting The Closing Entries For Revenues And Expenses The Income Summary Accou 1 (21.13 KiB) Viewed 18 times
2. Award: 1.00 point After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account in a corporation will be: Debit Income Summary $33,000; credit Share Capital $33,000. O Debit Income Summary $33,000; credit Retained earnings $33,000. Debit Income Summary $33,000; credit Dividends $33,000. Debit Retained earnings $33,000; credit Income Summary $33,000. Credit Share Capital $33,000; debit Dividends $33,000.