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Chart of Accounts > Income Summary > Flashcards

Income Summary Flashcards

Note: The normal balance for income summary will be credit when there is a net income, debt when there is a net loss. The income summary account does not appear on any financial statement.

1
Q

Fundamentals

A

Temp. acct closed to RE (that’s it, just a class)

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Chart of Accounts (61 decks)

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