10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

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Description: 10. When preparing the closing entries of your business, youdebited the Income summary account and credited Owner'sequity. This means thata. your business earned profit during the period.yourc. you made drawings during the period.b.business incurred

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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