Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
22nd Edition
ISBN: 9781259582394
Author: Wild
Publisher: MCG
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Chapter 12, Problem 2AP
To determine

Prepare journal entry to close the income summary account of the firm as of December 31 year-end and allocate the net income of $249,000 under each of the assumptions given.

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