Introduction to Accounting

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Category:
Accounting
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Question description

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

b. income summary to have a debit balance

c. the assets to be overstated

d. the liabilities to be overstated


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(Top Tutor) Daniel C.
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