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Author Question: The entry to close Income Summary (net loss) was entered in reverseIncome Summary was debited and ... (Read 126 times)

Metfan725

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on: Nov 10, 2019
The entry to close Income Summary (net loss) was entered in reverse—Income Summary was debited and Capital was credited. This error will cause
◦ Income Summary to have a debit balance.
◦ Income Summary to have a credit balance.
◦ the liabilities to be overstated.
◦ the assets to be overstated.
College Accounting: A Practical Approach ¦ Slater, Zwicker ¦ 12th Edition
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Marked as best answer by Metfan725 on Nov 10, 2019

nathang24

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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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Metfan725

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Reply 2 on: Nov 10, 2019
Excellent

T4T

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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