Introduction to Accounting

October 7, 2021/in Uncategorized /by Peter

The entry to close income summary (net Loss) was entered in reverse-income summary was debted and capital was credited. This error will cause.

a. income summary to have a credit balance

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b. income summary to have a debit balance

c. the assets to be overstated

d. the liabilities to be overstated

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Introduction to Accounting

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