If Income Summary has a P10,000 debit balance before it is closed to the Capital account, you know that Choices: The company had a profit of P10,000 Expenses exceeded revenue by P10,000 Owner made withdrawals of P10,000 The company has a net loss of P10,000

If Income Summary has a P10,000 debit balance before it is closed to the Capital account, you know that Choices: The company had a profit of P10,000 Expenses exceeded revenue by P10,000 Owner made withdrawals of P10,000 The company has a net loss of P10,000

Name: If Income Summary has a P10,000 debit balance before it is closed to t
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Description: If Income Summary has a P10,000 debit balance before it is closed to the Capital account, you know thatChoices:The company had a profit of P10,000Expenses exceeded revenue by P10,000Owner made withdrawals of P10,000The company has a net loss of P10,0

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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