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Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account

Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 2CE
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Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account
Transcribed Image Text:Wood Company earned revenues of 20,000 and incurred expenses of 6000 the companies honor with Drew 3500 What is the balance of the income summary account after closing net income or loss to the owner capital account
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