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Terms in this set (25)The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be a. debit Capital $11,000; credit Income Summary $11,000. Students also viewedSets found in the same folderOther sets by this creatorRecommended textbook solutions
Other Quizlet setsDuring the accounting period, cash was debited for $4,000, $3,000, and $1,000. Cash was also credited for $3,000, $500, and $100. The beginning balance of Cash was a $10,000 debit. What would be the ending balance for Cash in the general ledger? The following amounts were taken from a company's balance sheet: Total assets, $100,000 The following amounts were taken from a company's balance sheet: Total assets, $100,000 Students also viewedRecommended textbook solutions
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Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions Which of the following will be closed by debiting the income summary?Asset and liability accounts are closed to the Income Summary account.
Which of the following accounts is closed to income Summary?Revenue and expense accounts are closed to Income Summary, and Income Summary and Dividends are closed to the permanent account, Retained Earnings. The income summary account is an intermediary between revenues and expenses, and the Retained Earnings account.
Which accounts are closed to income Summary quizlet?Revenues and expenses are closed to the Income Summary account. owner's capital account should be debited. each expense account will be credited. credit the income summary account for total revenues and debit the income summary account for total expenses.
Which of the following accounts is closed by debiting the account?Accounts that are Debited in the Closing Entries
Revenue accounts. Gain accounts. Contra expense accounts.
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Which of the following accounts will be closed by debiting the Income Summary account Quizlet
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