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At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

FINANCIAL ACCOUNTING
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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At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
Transcribed Image Text:At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
On May 10, Blue Spruce Corporation issues 2,050 shares of $ 10 par value common stock for cash at $ 20 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount Is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 10
Transcribed Image Text:On May 10, Blue Spruce Corporation issues 2,050 shares of $ 10 par value common stock for cash at $ 20 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount Is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 10
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