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Author Question: The entry to close the expense account(s) was entered in reverseIncome Summary was credited and the ... (Read 77 times)

Lisaclaire

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on: Nov 10, 2019
The entry to close the expense account(s) was entered in reverse—Income Summary was credited and the expense account(s) was/were debited. The result of this error is that
◦ the liabilities will be overstated.
◦ before closing it, Income Summary will have a credit balance.
◦ before closing it, Income Summary will have a debit balance.
◦ the assets will be overstated.
College Accounting: A Practical Approach ¦ Slater, Zwicker ¦ 12th Edition
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Marked as best answer by Lisaclaire on Nov 10, 2019

strudel15

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Reply #1 on: Nov 10, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Lisaclaire

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Reply 2 on: Nov 10, 2019
Great answer, keep it coming :)

softEldritch

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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