10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

Name: 10. When preparing the closing entries of your business, youdebited t
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Description: 10. When preparing the closing entries of your business, youdebited the Income summary account and credited Owner'sequity. This means thata. your business earned profit during the period.yourc. you made drawings during the period.b.business incurred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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