Answered: When the "Income Summary" account has a…

When the "Income Summary" account has a credit account balance of $100,000 after closing entries have been made to it, what does this imply?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.4: Preparing Closing And Reversing Entries

Problem 1AYU

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When the "Income Summary" account has a credit account balance of $100,000 after closing entries have been made to it, what does this imply?

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