tiarattesscho tiarattesscho
  • 23-01-2017
  • Business
contestada

Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.

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andriansp andriansp
  • 02-02-2017
Assuming that you wanted to know how to journal this, it would be :

Dec. 31
  
                                            Debit                        Credit
Income Summary            $ 188,000
      Retained Earning                                          $ 188,000      
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